UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-21638

JPMorgan Institutional Trust

(Exact name of registrant as specified in charter)

270 Park Avenue

New York, New York 10017

(Address of principal executive offices) (Zip code)

Frank J. Nasta

270 Park Avenue

New York, New York 10017

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 343-1113

Date of fiscal year end: Last day of February

Date of reporting period: May 31, 2011

ITEM 1. SCHEDULE OF INVESTMENTS.

JPMorgan Institutional Trust

Schedule of Portfolio Investments as of May 31, 2011

(Unaudited)

THE “UNAUDITED CERTIFIED MUTUAL FUNDS HOLDINGS” LIST (“the List”) IS TO BE USED FOR REPORTING PURPOSES ONLY. IT IS NOT TO BE REPRODUCED FOR USE AS ADVERTISING OR SALES LITERATURE WITH THE GENERAL PUBLIC. The list is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by a prospectus. The list has been created from the books and records of the Fund. Certified holdings are available 60 days after the fund’s fiscal quarter, using a trade date accounting convention, by contacting the appropriate service center. The list is subject to change without notice. The list is for informational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security.

J.P. Morgan Asset Management is the marketing name for the asset management business of JPMorgan Chase & Co. Those businesses include, but are not limited to, J.P. Morgan Investment Management Inc., Security Capital Research & Management Incorporated and J.P. Morgan Alternative Asset Management, Inc.

JPMorgan Distribution Services, Inc.

© JPMorgan Chase & Co., 2011.

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Asset-Backed Securities — 3.1%
		AH Mortgage Advance Trust,
	1,925	Series 2010-ADV1, Class A1, 3.968%, 08/15/22 (e)		1,949
	2,006	Series SART-1, Class A1, 2.630%, 05/10/42 (e)		2,013
	6,667	Series SART-1, Class A2, 3.370%, 05/10/43 (e)		6,701
		Ally Auto Receivables Trust,
	635	Series 2010-1, Class A3, 1.450%, 05/15/14		640
	1,385	Series 2010-3, Class A3, 1.110%, 10/15/14		1,391
	670	Series 2010-3, Class A4, 1.550%, 08/17/15		673
	392	Series 2010-4, Class A3, 0.910%, 11/17/14		393
	1,650	Series 2011-1, Class A2, 0.810%, 10/15/13		1,652
	720	Series 2011-1, Class A3, 1.380%, 01/15/15		725
		AmeriCredit Automobile Receivables Trust,
	1,740	Series 2006-BG, Class A4, 5.210%, 09/06/13		1,742
	570	Series 2008-AF, Class A4, 6.960%, 10/14/14		601
	59	Series 2010-1, Class A2, 0.970%, 01/15/13		59
	235	Series 2010-1, Class A3, 1.660%, 03/17/14		237
	890	Series 2010-3, Class A3, 1.140%, 04/08/15		892
	1,500	Series 2010-4, Class A2, 0.960%, 05/08/14		1,502
	375	Series 2010-4, Class A3, 1.270%, 04/08/15		376
	815	Series 2011-1, Class A2, 0.840%, 06/09/14		816
	375	Series 2011-1, Class A3, 1.390%, 09/08/15		377
	632	Arch Bay Asset-Backed Securities, Series 2010-2, Class A, VAR, 4.125%, 04/25/57 (e)		631
		Bank of America Auto Trust,
	1,266	Series 2009-1A, Class A3, 2.670%, 07/15/13 (e)		1,275
	776	Series 2009-3A, Class A3, 1.670%, 12/15/13 (e)		781
	594	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		596
	475	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		487
	847	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.564%, 04/25/36		656
		CarMax Auto Owner Trust,
	685	Series 2010-1, Class A3, 1.560%, 07/15/14		690
	1,260	Series 2011-1, Class A3, 1.290%, 09/15/15		1,267
	885	Series 2011-1, Class A4, 2.160%, 09/15/16		901
	600	Centex Home Equity, Series 2004- D, Class AF4, SUB, 4.680%, 06/25/32		584
	2,068	Chase Funding Mortgage Loan Asset-Backed Certificates, Series 2003-6, Class 1A7, SUB, 4.277%, 11/25/34		1,979
	1,500	Chrysler Financial Auto Securitization Trust, Series 2010- A, Class A3, 0.910%, 08/08/13		1,503
		Citibank Credit Card Issuance Trust,
	3,380	Series 2002-C2, Class C2, 6.950%, 02/18/14		3,517
	800	Series 2007-A3, Class A3, 6.150%, 06/15/39		975
	610	Citigroup Mortgage Loan Trust, Inc., Series 2003-HE3, Class A, VAR, 0.574%, 12/25/33		546
		CNH Equipment Trust,
	408	Series 2008-B, Class A4A, 5.600%, 11/17/14		417
	264	Series 2009-C, Class A3, 1.850%, 12/16/13		265
	870	Series 2010-A, Class A3, 1.540%, 07/15/14		875
	1,500	Series 2010-C, Class A3, 1.170%, 05/15/15		1,505
	950	Series 2011-A, Class A3, 1.200%, 05/16/16		950
	747	Series 2011-A, Class A4, 2.040%, 10/17/16		747
	811	Countrywide Asset-Backed Certificates, Series 2004-6, Class M1, VAR, 0.794%, 10/25/34		564
	372	Credit-Based Asset Servicing and Securitization LLC, Series 2006- CB1, Class AF2, SUB, 5.236%, 01/25/36		238
	1,015	Discover Card Master Trust, Series 2008-A4, Class A4, 5.650%, 12/15/15		1,112
	300	First Franklin Mortgage Loan Asset-Backed Certificates, Series 2006-FF17, Class A4, VAR, 0.294%, 12/25/36		277
		Ford Credit Auto Owner Trust,
	350	Series 2009-B, Class A3, 2.790%, 08/15/13		353
	500	Series 2009-B, Class A4, 4.500%, 07/15/14		526
	1,100	Freedom Trust, Series 2011-1, Class A13, VAR, 0.172%, 11/30/37 (e) (f) (i)		1,040
	457	GE Mortgage Services LLC, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		423

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Asset-Backed Securities — Continued
		Harley-Davidson Motorcycle Trust,
	525	Series 2010-1, Class A2, 0.830%, 11/15/13		525
	540	Series 2010-1, Class A3, 1.160%, 02/15/15		542
		Honda Auto Receivables Owner Trust,
	315	Series 2009-2, Class A3, 2.790%, 01/15/13		318
	550	Series 2011-1, Class A4, 1.800%, 04/17/17		558
		HSBC Home Equity Loan Trust,
	1,361	Series 2006-1, Class A1, VAR, 0.356%, 01/20/36		1,233
	1,000	Series 2007-1, Class A2F, SUB, 5.600%, 03/20/36		1,018
	2,623	Series 2007-3, Class APT, VAR, 1.396%, 11/20/36		2,380
		Hyundai Auto Receivables Trust,
	640	Series 2010-B, Class A3, 0.970%, 04/15/15		642
	710	Series 2010-B, Class A4, 1.630%, 03/15/17		710
	515	Series 2011-A, Class A3, 1.160%, 04/15/15		518
	520	Series 2011-A, Class A4, 1.780%, 12/15/15		526
	734	Series 2011-B, Class A3, 1.040%, 09/15/15		734
	824	Series 2011-B, Class A4, 1.650%, 02/15/17		824
	292	Indymac Residential Asset- Backed Trust, Series 2006-A, Class A3, VAR, 0.394%, 03/25/36		176
		John Deere Owner Trust,
	94	Series 2009-A, Class A3, 2.590%, 10/15/13		94
	490	Series 2011-A, Class A3, 1.290%, 01/15/16		494
	355	Series 2011-A, Class A4, 1.960%, 04/16/18		360
	704	LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A, 2.550%, 09/15/16 (e)		704
	1,775	Lake Country Mortgage Loan Trust, Series 2006-HE1, Class A3, VAR, 0.544%, 07/25/34 (e)		1,712
		Long Beach Mortgage Loan Trust,
	491	Series 2006-8, Class 2A2, VAR, 0.284%, 09/25/36		177
	812	Series 2006-WL2, Class 2A3, VAR, 0.394%, 01/25/36		657
	1,874	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 07/15/14		1,951
	550	Mercedes-Benz Auto Receivables Trust, Series 2010-1, Class A3, 1.420%, 08/15/14		555
	10,000	Nationstar Mortgage Advance Receivable Trust, Series 2009- ADV1, Class A1, VAR, 3.194%, 12/26/22 (e)		10,007
	1,501	NCUA Guaranteed Notes, Series 2010-A1, Class A, VAR, 0.554%, 12/07/20		1,505
	1,000	New Century Home Equity Loan Trust, Series 2003-5, Class AI6, SUB, 5.138%, 11/25/33		978
	800	Newcastle Investment Trust, Series 2011-MH1, Class A, 2.450%, 12/10/33 (e)		802
		Nissan Auto Receivables Owner Trust,
	750	Series 2010-A, Class A3, 0.870%, 07/15/14		751
	450	Series 2010-A, Class A4, 1.310%, 09/15/16		451
	371	PennyMac Loan Trust, Series 2010-NPL1, Class A, VAR, 4.250%, 05/25/50 (e)		370
		Real Estate Asset Trust,
	1,333	Series 2011-1A, Class A1, 5.500%, 11/25/48 (e) (f) (i)		1,335
	1,346	Series 2011-2A, Class A1, 5.750%, 05/25/49 (e) (f) (i)		1,346
	2,175	Series 2011-3A, Class A1, 5.440%, 06/25/31 (e)		2,175
	300	Renaissance Home Equity Loan Trust, Series 2007-2, Class AF2, SUB, 5.675%, 06/25/37		157
	2,869	Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (f) (i)		2,862
		Santander Drive Auto Receivables Trust,
	720	Series 2010-3, Class A2, 0.930%, 06/17/13		721
	580	Series 2010-3, Class A3, 1.200%, 06/16/14		582
	796	Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		796
	943	Saxon Asset Securities Trust, Series 2003-1, Class AF6, SUB, 4.795%, 06/25/33		957
	350	Structured Asset Investment Loan Trust, Series 2005-5, Class A9, VAR, 0.464%, 06/25/35		326
	403	Structured Asset Securities Corp., Series 2002-23XS, Class A7, SUB, 6.580%, 11/25/32		408
		Toyota Auto Receivables Owner Trust,
	1,540	Series 2010-C, Class A3, 0.770%, 04/15/14		1,543
	1,435	Series 2011-A, Class A3, 0.980%, 10/15/14		1,441
	1,540	Series 2011-A, Class A4, 1.560%, 05/15/15		1,554

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
			Asset-Backed Securities — Continued
	819		USAA Auto Owner Trust, Series 2009-2, Class A3, 1.540%, 02/18/14		824
			Westlake Automobile Receivables Trust,
	433		Series 2011-1A, Class A2, 1.080%, 07/15/13 (e)		432
	607		Series 2011-1A, Class A3, 1.490%, 06/16/14 (e)		608
	1,370		World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.210%, 05/15/15		1,399
			Total Asset-Backed Securities (Cost $99,786)		100,157
	Collateralized Mortgage Obligations — 38.7%
			Agency CMO — 26.3%
			Federal Home Loan Bank,
	1,377		Series 2000-0606, Class Y, 5.270%, 12/28/12		1,450
	2,943		Series 2000-1067, Class 1, 5.300%, 06/15/12		3,058
	2,105		Federal Home Loan Banks, Series TQ-2015, Class A, 5.065%, 10/20/15		2,289
	383		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 8, Class ZA, 7.000%, 03/25/23		429
			Federal Home Loan Mortgage Corp. REMICS,
	41		Series 11, Class D, 9.500%, 07/15/19		44
	17		Series 22, Class C, 9.500%, 04/15/20		19
	27		Series 23, Class F, 9.600%, 04/15/20		30
	–	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		1
	2		Series 47, Class F, 10.000%, 06/15/20		3
	10		Series 99, Class Z, 9.500%, 01/15/21		11
	–	(h)	Series 204, Class E, HB, IF, 1,838.732%, 05/15/23		—	(h)
	–	(h)	Series 1045, Class G, HB, 1,066.208%, 02/15/21		1
	11		Series 1065, Class J, 9.000%, 04/15/21		13
	3		Series 1079, Class S, HB, IF, 33.150%, 05/15/21		5
	15		Series 1084, Class F, VAR, 1.200%, 05/15/21		15
	10		Series 1084, Class S, HB, IF, 44.100%, 05/15/21		19
	24		Series 1116, Class I, 5.500%, 08/15/21		26
	20		Series 1144, Class KB, 8.500%, 09/15/21		23
	–	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		1
	1		Series 1196, Class B, HB, IF, 1,169.001%, 01/15/22		15
	25		Series 1250, Class J, 7.000%, 05/15/22		30
	40		Series 1343, Class LA, 8.000%, 08/15/22		47
	51		Series 1343, Class LB, 7.500%, 08/15/22		60
	80		Series 1370, Class JA, VAR, 1.400%, 09/15/22		80
	79		Series 1455, Class WB, IF, 4.550%, 12/15/22		78
	392		Series 1466, Class PZ, 7.500%, 02/15/23		448
	7		Series 1470, Class F, VAR, 2.452%, 02/15/23		7
	439		Series 1498, Class I, VAR, 1.400%, 04/15/23		439
	560		Series 1502, Class PX, 7.000%, 04/15/23		560
	74		Series 1505, Class Q, 7.000%, 05/15/23		83
	177		Series 1518, Class G, IF, 8.875%, 05/15/23		200
	58		Series 1541, Class M, HB, IF, 21.772%, 07/15/23		85
	157		Series 1541, Class O, VAR, 2.540%, 07/15/23		159
	16		Series 1570, Class F, VAR, 2.952%, 08/15/23		16
	584		Series 1573, Class PZ, 7.000%, 09/15/23		660
	373		Series 1591, Class PV, 6.250%, 10/15/23		400
	20		Series 1595, Class D, 7.000%, 10/15/13		21
	66		Series 1596, Class D, 6.500%, 10/15/13		66
	27		Series 1602, Class SA, HB, IF, 21.937%, 10/15/23		44
	15		Series 1607, Class SA, IF, 19.509%, 10/15/13		17
	1,585		Series 1608, Class L, 6.500%, 09/15/23		1,786
	419		Series 1609, Class LG, IF, 16.792%, 11/15/23		504
	856		Series 1638, Class H, 6.500%, 12/15/23		999
	684		Series 1642, Class PJ, 6.000%, 11/15/23		720
	14		Series 1671, Class QC, IF, 10.000%, 02/15/24		16
	18		Series 1686, Class SH, IF, 18.675%, 02/15/24		28
	243		Series 1695, Class EB, 7.000%, 03/15/24		275

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	46	Series 1699, Class FC, VAR, 0.850%, 03/15/24		46
	245	Series 1700, Class GA, PO, 02/15/24		225
	632	Series 1706, Class K, 7.000%, 03/15/24		734
	22	Series 1709, Class FA, VAR, 2.560%, 03/15/24		22
	57	Series 1745, Class D, 7.500%, 08/15/24		67
	1,640	Series 1760, Class ZD, VAR, 2.910%, 02/15/24		1,760
	555	Series 1798, Class F, 5.000%, 05/15/23		602
	9	Series 1807, Class G, 9.000%, 10/15/20		9
	156	Series 1829, Class ZB, 6.500%, 03/15/26		175
	15	Series 1844, Class E, 6.500%, 10/15/13		16
	160	Series 1863, Class Z, 6.500%, 07/15/26		180
	39	Series 1865, Class D, PO, 02/15/24		28
	101	Series 1890, Class H, 7.500%, 09/15/26		118
	321	Series 1899, Class ZE, 8.000%, 09/15/26		373
	16	Series 1935, Class FL, VAR, 0.950%, 02/15/27		16
	216	Series 1963, Class Z, 7.500%, 01/15/27		249
	32	Series 1970, Class PG, 7.250%, 07/15/27		37
	345	Series 1981, Class Z, 6.000%, 05/15/27		376
	158	Series 1987, Class PE, 7.500%, 09/15/27		187
	358	Series 2019, Class Z, 6.500%, 12/15/27		417
	54	Series 2025, Class PE, 6.300%, 01/15/13		54
	116	Series 2033, Class SN, HB, IF, 24.910%, 03/15/24		78
	312	Series 2038, Class PN, IO, 7.000%, 03/15/28		72
	600	Series 2040, Class PE, 7.500%, 03/15/28		708
	109	Series 2043, Class CJ, 6.500%, 04/15/28		126
	475	Series 2054, Class PV, 7.500%, 05/15/28		496
	117	Series 2055, Class OE, 6.500%, 05/15/13		117
	940	Series 2075, Class PH, 6.500%, 08/15/28		1,068
	1,057	Series 2075, Class PM, 6.250%, 08/15/28		1,129
	367	Series 2086, Class GB, 6.000%, 09/15/28		389
	408	Series 2089, Class PJ, IO, 7.000%, 10/15/28		91
	1,551	Series 2095, Class PE, 6.000%, 11/15/28		1,741
	290	Series 2102, Class TC, 6.000%, 12/15/13		303
	190	Series 2102, Class TU, 6.000%, 12/15/13		199
	775	Series 2115, Class PE, 6.000%, 01/15/14		802
	489	Series 2125, Class JZ, 6.000%, 02/15/29		524
	100	Series 2132, Class SB, HB, IF, 29.639%, 03/15/29		154
	72	Series 2134, Class PI, IO, 6.500%, 03/15/19		13
	22	Series 2135, Class UK, IO, 6.500%, 03/15/14		1
	478	Series 2136, Class PG, 6.000%, 03/15/29		537
	55	Series 2141, Class IO, IO, 7.000%, 04/15/29		12
	122	Series 2163, Class PC, IO, 7.500%, 06/15/29		25
	1,505	Series 2169, Class TB, 7.000%, 06/15/29		1,792
	691	Series 2172, Class QC, 7.000%, 07/15/29		791
	689	Series 2176, Class OJ, 7.000%, 08/15/29		807
	348	Series 2201, Class C, 8.000%, 11/15/29		425
	268	Series 2209, Class TC, 8.000%, 01/15/30		313
	450	Series 2210, Class Z, 8.000%, 01/15/30		532
	124	Series 2224, Class CB, 8.000%, 03/15/30		151
	283	Series 2230, Class Z, 8.000%, 04/15/30		331
	228	Series 2234, Class PZ, 7.500%, 05/15/30		264
	197	Series 2247, Class Z, 7.500%, 08/15/30		228
	289	Series 2256, Class MC, 7.250%, 09/15/30		345
	590	Series 2259, Class ZM, 7.000%, 10/15/30		677
	21	Series 2261, Class ZY, 7.500%, 10/15/30		24
	67	Series 2262, Class Z, 7.500%, 10/15/30		77
	602	Series 2271, Class PC, 7.250%, 12/15/30		717
	1,237	Series 2283, Class K, 6.500%, 12/15/23		1,345

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	328	Series 2296, Class PD, 7.000%, 03/15/31		383
	103	Series 2306, Class K, PO, 05/15/24		94
	242	Series 2306, Class SE, IF, IO, 7.190%, 05/15/24		42
	315	Series 2313, Class LA, 6.500%, 05/15/31		346
	678	Series 2325, Class PM, 7.000%, 06/15/31		764
	1,228	Series 2344, Class QG, 6.000%, 08/15/16		1,322
	3,788	Series 2344, Class ZD, 6.500%, 08/15/31		4,225
	341	Series 2344, Class ZJ, 6.500%, 08/15/31		381
	319	Series 2345, Class NE, 6.500%, 08/15/31		342
	364	Series 2345, Class PQ, 6.500%, 08/15/16		387
	425	Series 2351, Class PZ, 6.500%, 08/15/31		465
	3,579	Series 2353, Class AZ, 6.000%, 09/15/31		3,861
	478	Series 2353, Class TD, 6.000%, 09/15/16		511
	393	Series 2355, Class BP, 6.000%, 09/15/16		423
	250	Series 2359, Class PM, 6.000%, 09/15/16		265
	1,513	Series 2359, Class ZB, 8.500%, 06/15/31		1,777
	753	Series 2360, Class PG, 6.000%, 09/15/16		813
	163	Series 2363, Class PF, 6.000%, 09/15/16		176
	311	Series 2366, Class MD, 6.000%, 10/15/16		335
	558	Series 2367, Class ME, 6.500%, 10/15/31		621
	1,147	Series 2391, Class QR, 5.500%, 12/15/16		1,238
	450	Series 2394, Class MC, 6.000%, 12/15/16		486
	1,153	Series 2396, Class FM, VAR, 0.648%, 12/15/31		1,156
	718	Series 2399, Class OH, 6.500%, 01/15/32		802
	1,185	Series 2399, Class TH, 6.500%, 01/15/32		1,323
	1,033	Series 2410, Class NG, 6.500%, 02/15/32		1,161
	353	Series 2410, Class OE, 6.375%, 02/15/32		393
	801	Series 2410, Class QS, IF, 18.985%, 02/15/32		992
	321	Series 2410, Class QX, IF, IO, 8.452%, 02/15/32		79
	909	Series 2412, Class SP, IF, 15.704%, 02/15/32		1,123
	1,417	Series 2420, Class XK, 6.500%, 02/15/32		1,582
	742	Series 2423, Class MC, 7.000%, 03/15/32		835
	752	Series 2423, Class MT, 7.000%, 03/15/32		846
	433	Series 2425, Class OB, 6.000%, 03/15/17		470
	1,922	Series 2430, Class WF, 6.500%, 03/15/32		2,188
	981	Series 2434, Class TC, 7.000%, 04/15/32		1,115
	565	Series 2435, Class CJ, 6.500%, 04/15/32		652
	763	Series 2435, Class VH, 6.000%, 07/15/19		773
	887	Series 2436, Class MC, 7.000%, 04/15/32		1,003
	636	Series 2444, Class ES, IF, IO, 7.752%, 03/15/32		135
	406	Series 2450, Class GZ, 7.000%, 05/15/32		467
	509	Series 2450, Class SW, IF, IO, 7.802%, 03/15/32		106
	2,725	Series 2455, Class GK, 6.500%, 05/15/32		3,083
	292	Series 2458, Class QE, 5.500%, 06/15/17		315
	860	Series 2462, Class JG, 6.500%, 06/15/32		1,003
	2,426	Series 2464, Class SI, IF, IO, 7.802%, 02/15/32		447
	670	Series 2466, Class PG, 6.500%, 04/15/32		716
	942	Series 2466, Class PH, 6.500%, 06/15/32		1,084
	882	Series 2474, Class NR, 6.500%, 07/15/32		999
	19	Series 2480, Class PV, 6.000%, 07/15/11		19
	1,239	Series 2484, Class LZ, 6.500%, 07/15/32		1,445
	2,233	Series 2500, Class MC, 6.000%, 09/15/32		2,473
	150	Series 2503, Class BH, 5.500%, 09/15/17		164
	753	Series 2508, Class AQ, 5.500%, 10/15/17		820
	1,130	Series 2512, Class PG, 5.500%, 10/15/22		1,258
	94	Series 2513, Class TG, 6.000%, 02/15/32		96
	143	Series 2513, Class YO, PO, 02/15/32		142
	747	Series 2515, Class DE, 4.000%, 03/15/32		780

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	595	Series 2518, Class PX, 5.500%, 09/15/13		623
	11	Series 2519, Class BT, 8.500%, 09/15/31		12
	768	Series 2535, Class BK, 5.500%, 12/15/22		850
	1,659	Series 2537, Class TE, 5.500%, 12/15/17		1,799
	2,024	Series 2543, Class YX, 6.000%, 12/15/32		2,278
	2,334	Series 2544, Class HC, 6.000%, 12/15/32		2,607
	2,532	Series 2552, Class ME, 6.000%, 01/15/33		2,842
	1,481	Series 2567, Class QD, 6.000%, 02/15/33		1,668
	1,690	Series 2568, Class KG, 5.500%, 02/15/23		1,873
	239	Series 2571, Class SK, HB, IF, 33.646%, 09/15/23		408
	3,767	Series 2575, Class ME, 6.000%, 02/15/33		4,249
	764	Series 2586, Class WI, IO, 6.500%, 03/15/33		155
	1,882	Series 2587, Class WX, 5.000%, 03/15/18		2,084
	85	Series 2591, Class WI, IO, 5.500%, 02/15/30		–	(h)
	1,204	Series 2594, Class VQ, 6.000%, 08/15/20		1,231
	1,380	Series 2596, Class QG, 6.000%, 03/15/33		1,541
	255	Series 2597, Class DS, IF, IO, 7.352%, 02/15/33		15
	294	Series 2599, Class DS, IF, IO, 6.802%, 02/15/33		16
	1,259	Series 2610, Class DS, IF, IO, 6.902%, 03/15/33		51
	1,028	Series 2611, Class SH, IF, IO, 7.452%, 10/15/21		28
	1,086	Series 2611, Class UH, 4.500%, 05/15/18		1,149
	588	Series 2617, Class AK, 4.500%, 05/15/18		596
	1,697	Series 2617, Class GR, 4.500%, 05/15/18		1,818
	103	Series 2619, Class HR, 3.500%, 11/15/31		107
	166	Series 2619, Class IM, IO, 5.000%, 10/15/21		3
	3,671	Series 2626, Class NS, IF, IO, 6.352%, 06/15/23		328
	303	Series 2628, Class WA, 4.000%, 07/15/28		305
	2,260	Series 2631, Class LC, 4.500%, 06/15/18		2,418
	978	Series 2636, Class Z, 4.500%, 06/15/18		1,047
	1,099	Series 2637, Class SA, IF, IO, 5.902%, 06/15/18		125
	169	Series 2638, Class DS, IF, 8.402%, 07/15/23		181
	236	Series 2638, Class SA, IF, IO, 6.902%, 11/15/16		4
	829	Series 2640, Class UG, IO, 5.000%, 01/15/32		86
	2,133	Series 2640, Class UP, IO, 5.000%, 01/15/32		156
	39	Series 2640, Class UR, IO, 4.500%, 08/15/17		1
	3	Series 2643, Class HI, IO, 4.500%, 12/15/16		–	(h)
	4,459	Series 2645, Class BI, IO, 4.500%, 02/15/18		243
	902	Series 2650, Class PO, PO, 12/15/32		813
	3,109	Series 2650, Class SO, PO, 12/15/32		2,814
	1,633	Series 2651, Class VZ, 4.500%, 07/15/18		1,747
	936	Series 2668, Class SB, IF, 7.024%, 10/15/15		949
	1,884	Series 2672, Class ME, 5.000%, 11/15/22		2,064
	291	Series 2672, Class SJ, IF, 6.980%, 09/15/16		297
	5,760	Series 2675, Class CK, 4.000%, 09/15/18		6,107
	1,420	Series 2682, Class YS, IF, 8.685%, 10/15/33		1,376
	16,600	Series 2684, Class PO, PO, 01/15/33		15,049
	755	Series 2684, Class TO, PO, 10/15/33		686
	185	Series 2686, Class GB, 5.000%, 05/15/20		187
	629	Series 2686, Class NS, IF, IO, 7.402%, 10/15/21		26
	485	Series 2690, Class SJ, IF, 8.853%, 10/15/33		474
	1,538	Series 2691, Class ME, 4.500%, 04/15/32		1,649
	771	Series 2691, Class WS, IF, 8.703%, 10/15/33		747
	752	Series 2692, Class SC, IF, 12.891%, 07/15/33		844
	1,356	Series 2695, Class DE, 4.000%, 01/15/17		1,386
	1,199	Series 2695, Class DG, 4.000%, 10/15/18		1,278
	373	Series 2695, Class OB, PO, 10/15/33		292
	333	Series 2696, Class CO, PO, 10/15/18		308
	219	Series 2700, Class S, IF, 8.703%, 11/15/33		213

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	1,205	Series 2702, Class PC, 5.000%, 01/15/23		1,309
	581	Series 2705, Class SC, IF, 8.703%, 11/15/33		565
	1,097	Series 2705, Class SD, IF, 8.745%, 11/15/33		1,065
	2,000	Series 2710, Class HB, 5.500%, 11/15/23		2,252
	1,712	Series 2715, Class OG, 5.000%, 01/15/23		1,886
	3,014	Series 2716, Class UN, 4.500%, 12/15/23		3,257
	1,524	Series 2720, Class PC, 5.000%, 12/15/23		1,669
	7,499	Series 2727, Class BS, IF, 8.778%, 01/15/34		7,300
	137	Series 2744, Class FE, VAR, 0.000%, 02/15/34		136
	1,705	Series 2744, Class PE, 5.500%, 02/15/34		1,865
	2,958	Series 2744, Class TU, 5.500%, 05/15/32		3,191
	924	Series 2751, Class BA, 4.000%, 10/15/18		966
	1,348	Series 2755, Class PA, PO, 02/15/29		1,332
	1,235	Series 2755, Class SA, IF, 13.804%, 05/15/30		1,393
	74	Series 2762, Class LO, PO, 03/15/34		72
	1,000	Series 2764, Class TE, 5.000%, 10/15/32		1,084
	44	Series 2766, Class SX, IF, 15.869%, 03/15/34		44
	234	Series 2771, Class FG, VAR, 0.000%, 03/15/34		222
	425	Series 2776, Class SK, IF, 8.778%, 04/15/34		416
	1,506	Series 2777, Class OM, PO, 12/15/32		1,366
	1,727	Series 2778, Class US, IF, IO, 7.002%, 06/15/33		67
	308	Series 2780, Class JG, 4.500%, 04/15/19		327
	1,284	Series 2783, Class AT, 4.000%, 04/15/19		1,365
	775	Series 2809, Class UB, 4.000%, 09/15/17		792
	5,515	Series 2809, Class UC, 4.000%, 06/15/19		5,866
	872	Series 2812, Class NO, PO, 10/15/33		674
	69	Series 2827, Class SQ, IF, 7.500%, 01/15/19		70
	1,254	Series 2827, Class XO, PO, 01/15/23		1,159
	245	Series 2835, Class QO, PO, 12/15/32		209
	1,180	Series 2840, Class JO, PO, 06/15/23		1,108
	1,033	Series 2850, Class SN, IF, IO, 6.952%, 09/15/18		76
	400	Series 2870, Class KC, 4.250%, 05/15/18		411
	2,371	Series 2872, Class JE, 4.500%, 02/15/18		2,459
	32	Series 2890, Class DO, PO, 11/15/34		31
	113	Series 2925, Class MW, VAR, 0.000%, 01/15/35		113
	1,888	Series 2934, Class EC, PO, 02/15/20		1,713
	230	Series 2934, Class EN, PO, 02/15/18		225
	1,574	Series 2934, Class HI, IO, 5.000%, 02/15/20		200
	1,553	Series 2934, Class KI, IO, 5.000%, 02/15/20		181
	856	Series 2958, Class QD, 4.500%, 04/15/20		936
	1,500	Series 2962, Class BE, 4.500%, 04/15/20		1,646
	3,425	Series 2965, Class GD, 4.500%, 04/15/20		3,759
	4,104	Series 2971, Class GB, 5.000%, 11/15/16		4,187
	856	Series 2971, Class GC, 5.000%, 07/15/18		918
	556	Series 2989, Class PO, PO, 06/15/23		522
	4,281	Series 3004, Class EK, 5.500%, 07/15/35		4,543
	237	Series 3007, Class AI, IO, 5.500%, 07/15/24		20
	230	Series 3014, Class OD, PO, 08/15/35		180
	132	Series 3044, Class VO, PO, 10/15/35		121
	2,913	Series 3047, Class OB, 5.500%, 12/15/33		3,087
	944	Series 3047, Class OD, 5.500%, 10/15/35		1,058
	1,348	Series 3049, Class XF, VAR, 0.548%, 05/15/33		1,347
	3,095	Series 3064, Class MC, 5.500%, 11/15/35		3,461
	1,331	Series 3064, Class OB, 5.500%, 07/15/29		1,380
	580	Series 3068, Class AO, PO, 01/15/35		535
	15	Series 3068, Class MO, PO, 01/15/23		15
	1,475	Series 3068, Class QB, 4.500%, 06/15/20		1,569
	2,141	Series 3074, Class BH, 5.000%, 11/15/35		2,356

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	780	Series 3100, Class MA, VAR, 2.625%, 12/15/35		756
	2,247	Series 3102, Class FB, VAR, 0.498%, 01/15/36		2,245
	509	Series 3102, Class HS, HB, IF, 23.841%, 01/15/36		717
	2,264	Series 3117, Class EO, PO, 02/15/36		1,930
	1,461	Series 3117, Class OK, PO, 02/15/36		1,211
	123	Series 3122, Class ZB, 6.000%, 03/15/36		129
	2,750	Series 3131, Class BK, 5.500%, 03/15/26		3,076
	551	Series 3134, Class PO, PO, 03/15/36		484
	2,564	Series 3138, Class PO, PO, 04/15/36		2,290
	141	Series 3149, Class SO, PO, 05/15/36		107
	2,055	Series 3151, Class UC, 5.500%, 08/15/35		2,263
	1,201	Series 3152, Class MO, PO, 03/15/36		1,012
	280	Series 3171, Class MO, PO, 06/15/36		236
	3,027	Series 3179, Class OA, PO, 07/15/36		2,544
	1,355	Series 3194, Class SA, IF, IO, 6.902%, 07/15/36		194
	1,627	Series 3211, Class SO, PO, 09/15/36		1,423
	803	Series 3218, Class AO, PO, 09/15/36		666
	3,087	Series 3219, Class DI, IO, 6.000%, 04/15/36		553
	1,500	Series 3229, Class HE, 5.000%, 10/15/26		1,630
	2,115	Series 3232, Class ST, IF, IO, 6.502%, 10/15/36		297
	1,047	Series 3233, Class OP, PO, 05/15/36		889
	1,500	Series 3242, Class NE, 5.750%, 02/15/34		1,631
	990	Series 3256, Class PO, PO, 12/15/36		797
	2,331	Series 3260, Class CS, IF, IO, 5.942%, 01/15/37		336
	1,090	Series 3261, Class OA, PO, 01/15/37		882
	1,576	Series 3274, Class JO, PO, 02/15/37		1,335
	730	Series 3275, Class FL, VAR, 0.638%, 02/15/37		727
	3,055	Series 3290, Class SB, IF, IO, 6.252%, 03/15/37		405
	2,541	Series 3315, Class HZ, 6.000%, 05/15/37		2,851
	2,000	Series 3316, Class GD, 5.500%, 06/15/35		2,187
	321	Series 3318, Class AO, PO, 05/15/37		283
	1,811	Series 3331, Class PO, PO, 06/15/37		1,592
	1,863	Series 3334, Class MC, 5.000%, 04/15/33		1,919
	2,583	Series 3385, Class SN, IF, IO, 5.802%, 11/15/37		292
	2,096	Series 3387, Class SA, IF, IO, 6.222%, 11/15/37		256
	2,899	Series 3404, Class SC, IF, IO, 5.802%, 01/15/38		318
	10,066	Series 3422, Class AI, SUB, 1.860%, 01/15/38		90
	2,557	Series 3424, Class PI, IF, IO, 6.602%, 04/15/38		367
	6,507	Series 3430, Class AI, IO, 1.417%, 09/15/12		82
	4,207	Series 3437, Class AI, IO, 1.335%, 09/15/11		9
	2,870	Series 3481, Class SJ, IF, IO, 5.652%, 08/15/38		329
	3,665	Series 3505, Class SA, IF, IO, 5.802%, 01/15/39		390
	4,178	Series 3511, Class SA, IF, IO, 5.802%, 02/15/39		428
	2,020	Series 3549, Class FA, VAR, 1.398%, 07/15/39		2,033
	1,000	Series 3607, Class BO, PO, 04/15/36		788
	1,913	Series 3607, Class OP, PO, 07/15/37		1,618
	634	Series 3611, Class PO, PO, 07/15/34		535
	1,404	Series 3621, Class BO, PO, 01/15/40		1,178
	3,858	Series 3739, Class LI, IO, 4.000%, 03/15/34		517
	9,642	Series 3747, Class HI, IO, 4.500%, 07/15/37		1,575
	1,000	Series 3747, Class PY, 4.000%, 10/15/40		954
	4,889	Series 3759, Class HI, IO, 4.000%, 08/15/37		750
	5,856	Series 3760, Class GI, IO, 4.000%, 10/15/37		1,019
		Federal Home Loan Mortgage Corp. STRIPS,
	4	Series 134, Class B, IO, 9.000%, 04/01/22		1
	4,347	Series 233, Class 11, IO, 5.000%, 09/15/35		919
	6,172	Series 233, Class 13, IO, 5.000%, 09/15/35		1,279
	1,178	Series 243, Class 16, IO, 4.500%, 11/15/20		128

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — Continued
	2,599		Series 243, Class 17, IO, 4.500%, 12/15/20		288
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	722		Series T-41, Class 3A, VAR, 7.079%, 07/25/32		825
	438		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		511
	2,289		Series T-54, Class 2A, 6.500%, 02/25/43		2,602
	768		Series T-54, Class 3A, 7.000%, 02/25/43		900
	333		Series T-58, Class APO, PO, 09/25/43		251
	767		Series T-59, Class 1AP, PO, 10/25/43		649
	2,810		Series T-76, Class 2A, VAR, 3.642%, 10/25/37		2,858
			Federal National Mortgage Association Grantor Trust,
	1,180		Series 2002-T19, Class A2, 7.000%, 07/25/42		1,353
	1,153		Series 2004-T3, Class 1A3, 7.000%, 02/25/44		1,348
			Federal National Mortgage Association REMICS,
	11		Series 1988-7, Class Z, 9.250%, 04/25/18		12
	24		Series 1989-70, Class G, 8.000%, 10/25/19		28
	11		Series 1989-78, Class H, 9.400%, 11/25/19		12
	14		Series 1989-83, Class H, 8.500%, 11/25/19		17
	15		Series 1989-89, Class H, 9.000%, 11/25/19		17
	13		Series 1990-1, Class D, 8.800%, 01/25/20		15
	2		Series 1990-60, Class K, 5.500%, 06/25/20		3
	6		Series 1990-63, Class H, 9.500%, 06/25/20		7
	4		Series 1990-93, Class G, 5.500%, 08/25/20		4
	–	(h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		1
	–	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		3
	29		Series 1990-102, Class J, 6.500%, 08/25/20		32
	40		Series 1990-120, Class H, 9.000%, 10/25/20		46
	4		Series 1990-134, Class SC, HB, IF, 21.272%, 11/25/20		5
	–	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		4
	–	(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		1
	16		Series 1991-24, Class Z, 5.000%, 03/25/21		18
	2		Series 1992-101, Class J, 7.500%, 06/25/22		3
	79		Series 1992-136, Class PK, 6.000%, 08/25/22		87
	67		Series 1992-143, Class MA, 5.500%, 09/25/22		74
	179		Series 1992-163, Class M, 7.750%, 09/25/22		206
	305		Series 1992-188, Class PZ, 7.500%, 10/25/22		347
	127		Series 1993-21, Class KA, 7.700%, 03/25/23		145
	183		Series 1993-25, Class J, 7.500%, 03/25/23		209
	50		Series 1993-27, Class SA, IF, 15.500%, 02/25/23		61
	75		Series 1993-62, Class SA, IF, 17.145%, 04/25/23		103
	39		Series 1993-165, Class SD, IF, 11.776%, 09/25/23		43
	85		Series 1993-165, Class SK, IF, 12.500%, 09/25/23		102
	56		Series 1993-167, Class GA, 7.000%, 09/25/23		58
	56		Series 1993-179, Class SB, HB, IF, 23.398%, 10/25/23		84
	37		Series 1993-179, Class SC, IF, 10.500%, 10/25/23		45
	167		Series 1993-199, Class FA, VAR, 0.769%, 10/25/23		168
	108		Series 1993-205, Class H, PO, 09/25/23		96
	112		Series 1993-220, Class SG, IF, 15.563%, 11/25/13		124
	163		Series 1993-225, Class UB, 6.500%, 12/25/23		178
	53		Series 1993-230, Class FA, VAR, 0.819%, 12/25/23		54
	161		Series 1993-247, Class FE, VAR, 1.219%, 12/25/23		163
	74		Series 1993-247, Class SU, IF, 11.498%, 12/25/23		94
	255		Series 1993-250, Class Z, 7.000%, 12/25/23		276
	547		Series 1993-257, Class C, PO, 06/25/23		541
	651		Series 1994-37, Class L, 6.500%, 03/25/24		750
	3,084		Series 1994-40, Class Z, 6.500%, 03/25/24		3,457
	114		Series 1995-2, Class Z, 8.500%, 01/25/25		132
	269		Series 1995-19, Class Z, 6.500%, 11/25/23		310
	661		Series 1996-14, Class SE, IF, IO, 7.340%, 08/25/23		117

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	24	Series 1996-27, Class FC, VAR, 0.719%, 03/25/17		24
	64	Series 1996-59, Class J, 6.500%, 08/25/22		72
	647	Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		32
	45	Series 1997-27, Class J, 7.500%, 04/18/27		50
	77	Series 1997-29, Class J, 7.500%, 04/20/27		86
	506	Series 1997-39, Class PD, 7.500%, 05/20/27		569
	170	Series 1997-42, Class EN, 7.250%, 07/18/27		179
	68	Series 1997-42, Class ZC, 6.500%, 07/18/27		77
	1,042	Series 1997-61, Class ZC, 7.000%, 02/25/23		1,169
	198	Series 1997-81, Class PI, IO, 7.000%, 12/18/27		41
	30	Series 1998-4, Class C, PO, 04/25/23		27
	629	Series 1998-36, Class ZB, 6.000%, 07/18/28		706
	227	Series 1998-43, Class SA, IF, IO, 15.813%, 04/25/23		83
	350	Series 1998-66, Class SB, IF, IO, 7.956%, 12/25/28		67
	209	Series 1999-17, Class C, 6.350%, 04/25/29		237
	1,402	Series 1999-18, Class Z, 5.500%, 04/18/29		1,549
	377	Series 1999-38, Class SK, IF, IO, 7.856%, 08/25/23		55
	104	Series 1999-52, Class NS, HB, IF, 22.837%, 10/25/23		153
	273	Series 1999-62, Class PB, 7.500%, 12/18/29		314
	872	Series 2000-2, Class ZE, 7.500%, 02/25/30		1,003
	452	Series 2000-20, Class SA, IF, IO, 8.906%, 07/25/30		110
	67	Series 2000-52, Class IO, IO, 8.500%, 01/25/31		16
	346	Series 2001-4, Class PC, 7.000%, 03/25/21		378
	133	Series 2001-5, Class OW, 6.000%, 03/25/16		139
	228	Series 2001-7, Class PF, 7.000%, 03/25/31		261
	763	Series 2001-7, Class PR, 6.000%, 03/25/16		801
	768	Series 2001-10, Class PR, 6.000%, 04/25/16		804
	671	Series 2001-30, Class PM, 7.000%, 07/25/31		768
	1,011	Series 2001-33, Class ID, IO, 6.000%, 07/25/31		211
	596	Series 2001-36, Class DE, 7.000%, 08/25/31		683
	1,410	Series 2001-44, Class MY, 7.000%, 09/25/31		1,616
	285	Series 2001-44, Class PD, 7.000%, 09/25/31		327
	302	Series 2001-44, Class PU, 7.000%, 09/25/31		347
	2,591	Series 2001-48, Class Z, 6.500%, 09/25/21		2,906
	260	Series 2001-49, Class Z, 6.500%, 09/25/31		296
	191	Series 2001-52, Class KB, 6.500%, 10/25/31		218
	588	Series 2001-52, Class XN, 6.500%, 11/25/15		638
	2,247	Series 2001-61, Class Z, 7.000%, 11/25/31		2,578
	268	Series 2001-71, Class MB, 6.000%, 12/25/16		289
	626	Series 2001-71, Class QE, 6.000%, 12/25/16		675
	150	Series 2001-72, Class SX, IF, 17.014%, 12/25/31		189
	825	Series 2001-74, Class MB, 6.000%, 12/25/16		891
	253	Series 2001-80, Class PE, 6.000%, 07/25/29		258
	233	Series 2002-1, Class HC, 6.500%, 02/25/22		249
	247	Series 2002-1, Class SA, HB, IF, 24.557%, 02/25/32		361
	161	Series 2002-1, Class UD, HB, IF, 23.734%, 12/25/23		246
	769	Series 2002-2, Class UC, 6.000%, 02/25/17		831
	2,071	Series 2002-3, Class OG, 6.000%, 02/25/17		2,233
	442	Series 2002-7, Class OG, 6.000%, 03/25/17		476
	1,460	Series 2002-7, Class TG, 6.000%, 03/25/17		1,573
	449	Series 2002-10, Class SB, IF, 18.734%, 03/25/17		554
	638	Series 2002-11, Class QG, 5.500%, 03/25/17		686
	2,098	Series 2002-13, Class SJ, IF, IO, 1.600%, 03/25/32		112
	34	Series 2002-13, Class ST, IF, 10.000%, 03/25/32		36
	2,334	Series 2002-18, Class PC, 5.500%, 04/25/17		2,448
	474	Series 2002-19, Class PE, 6.000%, 04/25/17		511
	92	Series 2002-21, Class LO, PO, 04/25/32		80
	818	Series 2002-21, Class PE, 6.500%, 04/25/32		923

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	975	Series 2002-24, Class AJ, 6.000%, 04/25/17		1,066
	303	Series 2002-25, Class SG, IF, 18.854%, 05/25/17		371
	1,897	Series 2002-28, Class PK, 6.500%, 05/25/32		2,159
	563	Series 2002-37, Class Z, 6.500%, 06/25/32		641
	719	Series 2002-42, Class C, 6.000%, 07/25/17		780
	2,795	Series 2002-48, Class GH, 6.500%, 08/25/32		3,154
	423	Series 2002-55, Class QE, 5.500%, 09/25/17		463
	4,790	Series 2002-56, Class UC, 5.500%, 09/25/17		5,197
	1,409	Series 2002-62, Class ZE, 5.500%, 11/25/17		1,542
	485	Series 2002-63, Class KC, 5.000%, 10/25/17		523
	634	Series 2002-77, Class S, IF, 14.128%, 12/25/32		743
	1,324	Series 2002-81, Class JO, PO, 04/25/32		1,231
	1,295	Series 2002-83, Class CS, 6.881%, 08/25/23		1,461
	93	Series 2002-91, Class UH, IO, 5.500%, 06/25/22		5
	3,107	Series 2002-94, Class BK, 5.500%, 01/25/18		3,388
	1,762	Series 2003-3, Class HJ, 5.000%, 02/25/18		1,873
	2,524	Series 2003-22, Class UD, 4.000%, 04/25/33		2,554
	2,045	Series 2003-23, Class PG, 5.500%, 01/25/32		2,144
	453	Series 2003-27, Class DW, 4.500%, 04/25/17		465
	2,730	Series 2003-33, Class IA, IO, 6.500%, 05/25/33		627
	1,758	Series 2003-34, Class AX, 6.000%, 05/25/33		1,968
	1,516	Series 2003-34, Class ED, 6.000%, 05/25/33		1,753
	122	Series 2003-35, Class UC, 3.750%, 05/25/33		129
	374	Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		76
	1,319	Series 2003-39, Class LW, 5.500%, 05/25/23		1,481
	1,884	Series 2003-41, Class PE, 5.500%, 05/25/23		2,127
	735	Series 2003-42, Class GB, 4.000%, 05/25/33		773
	486	Series 2003-45, Class AI, IO, 5.500%, 05/25/33		29
	828	Series 2003-47, Class PE, 5.750%, 06/25/33		931
	594	Series 2003-52, Class SX, HB, IF, 22.368%, 10/25/31		860
	2,792	Series 2003-56, Class AZ, 5.500%, 08/25/31		2,929
	24	Series 2003-60, Class NJ, 5.000%, 07/25/21		24
	572	Series 2003-64, Class SX, IF, 13.224%, 07/25/33		608
	84	Series 2003-67, Class VQ, 7.000%, 01/25/19		85
	109	Series 2003-68, Class QP, 3.000%, 07/25/22		112
	1,617	Series 2003-71, Class DS, IF, 7.186%, 08/25/33		1,605
	1,447	Series 2003-71, Class IM, IO, 5.500%, 12/25/31		158
	3,123	Series 2003-72, Class IE, IO, 5.500%, 08/25/33		565
	1,896	Series 2003-73, Class GA, 3.500%, 05/25/31		1,974
	351	Series 2003-74, Class SH, IF, 9.821%, 08/25/33		350
	1,219	Series 2003-76, Class GQ, 4.500%, 08/25/18		1,306
	3,446	Series 2003-80, Class SY, IF, IO, 7.456%, 06/25/23		395
	1,350	Series 2003-81, Class LC, 4.500%, 09/25/18		1,464
	5,207	Series 2003-83, Class PG, 5.000%, 06/25/23		5,661
	1,234	Series 2003-86, Class KR, 4.500%, 09/25/16		1,246
	730	Series 2003-91, Class SD, IF, 12.177%, 09/25/33		824
	134	Series 2003-92, Class SH, IF, 9.265%, 09/25/18		137
	1,084	Series 2003-106, Class US, IF, 8.784%, 11/25/23		1,091
	3,316	Series 2003-116, Class SB, IF, IO, 7.406%, 11/25/33		553
	4,160	Series 2003-117, Class JB, 3.500%, 06/25/33		4,324
	1,507	Series 2003-122, Class TE, 5.000%, 12/25/22		1,657
	581	Series 2003-128, Class KE, 4.500%, 01/25/14		603
	856	Series 2003-128, Class NG, 4.000%, 01/25/19		912
	486	Series 2003-130, Class SX, IF, 11.229%, 01/25/34		538
	406	Series 2003-132, Class OA, PO, 08/25/33		354
	2,883	Series 2004-4, Class QI, IF, IO, 6.906%, 06/25/33		460
	273	Series 2004-4, Class QM, IF, 13.812%, 06/25/33		319
	1,469	Series 2004-10, Class SC, HB, IF, 27.824%, 02/25/34		2,177

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	1,046	Series 2004-14, Class SD, IF, 8.784%, 03/25/34		1,019
	1,168	Series 2004-21, Class CO, PO, 04/25/34		909
	312	Series 2004-22, Class A, 4.000%, 04/25/19		324
	1,130	Series 2004-25, Class PC, 5.500%, 01/25/34		1,250
	2,511	Series 2004-25, Class SA, IF, 18.992%, 04/25/34		3,252
	7,708	Series 2004-27, Class HB, 4.000%, 05/25/19		8,199
	753	Series 2004-36, Class PC, 5.500%, 02/25/34		833
	2,503	Series 2004-36, Class SA, IF, 18.992%, 05/25/34		3,315
	1,136	Series 2004-36, Class SN, IF, 13.812%, 07/25/33		1,329
	4,281	Series 2004-37, Class AG, 4.500%, 11/25/32		4,591
	2,641	Series 2004-46, Class HS, IF, IO, 5.806%, 05/25/30		132
	1,068	Series 2004-46, Class QB, HB, IF, 23.224%, 05/25/34		1,459
	3,782	Series 2004-46, Class SK, IF, 15.967%, 05/25/34		4,483
	797	Series 2004-51, Class SY, IF, 13.852%, 07/25/34		938
	917	Series 2004-53, Class NC, 5.500%, 07/25/24		981
	1,435	Series 2004-59, Class BG, PO, 12/25/32		1,216
	234	Series 2004-61, Class SK, IF, 8.500%, 11/25/32		233
	918	Series 2004-70, Class JA, 4.500%, 10/25/19		950
	793	Series 2004-76, Class CL, 4.000%, 10/25/19		841
	1,195	Series 2004-79, Class SP, IF, 19.267%, 11/25/34		1,547
	377	Series 2004-81, Class AC, 4.000%, 11/25/19		400
	160	Series 2004-92, Class JO, PO, 12/25/34		158
	193	Series 2005-28, Class JA, 5.000%, 04/25/35		196
	27	Series 2005-47, Class AN, 5.000%, 12/25/16		27
	596	Series 2005-52, Class PA, 6.500%, 06/25/35		652
	3,487	Series 2005-56, Class S, IF, IO, 6.516%, 07/25/35		561
	1,755	Series 2005-59, Class PC, 5.500%, 03/25/31		1,858
	628	Series 2005-66, Class SG, IF, 16.890%, 07/25/35		751
	1,324	Series 2005-68, Class BC, 5.250%, 06/25/35		1,451
	3,074	Series 2005-68, Class PG, 5.500%, 08/25/35		3,411
	1,927	Series 2005-68, Class UC, 5.000%, 06/25/35		2,101
	1,349	Series 2005-74, Class CS, IF, 19.486%, 05/25/35		1,779
	13,628	Series 2005-84, Class XM, 5.750%, 10/25/35		14,985
	4,899	Series 2005-97, Class HC, 5.000%, 02/25/32		5,256
	3,425	Series 2005-109, Class PC, 6.000%, 12/25/35		3,879
	10,398	Series 2005-110, Class GJ, 5.500%, 11/25/30		10,975
	14,556	Series 2005-110, Class GK, 5.500%, 08/25/34		16,022
	4,326	Series 2005-110, Class GL, 5.500%, 12/25/35		4,802
	2,997	Series 2005-110, Class MN, 5.500%, 06/25/35		3,335
	2,015	Series 2005-116, Class PB, 6.000%, 04/25/34		2,190
	4,500	Series 2005-118, Class PN, 6.000%, 01/25/32		4,914
	823	Series 2006-15, Class OT, PO, 01/25/36		761
	1,090	Series 2006-16, Class OA, PO, 03/25/36		938
	1,184	Series 2006-22, Class AO, PO, 04/25/36		1,021
	489	Series 2006-23, Class KO, PO, 04/25/36		443
	3,149	Series 2006-39, Class WC, 5.500%, 01/25/36		3,500
	386	Series 2006-42, Class CF, VAR, 0.644%, 06/25/36		387
	3,006	Series 2006-44, Class GO, PO, 06/25/36		2,628
	8,642	Series 2006-44, Class P, PO, 12/25/33		7,448
	2,000	Series 2006-46, Class UC, 5.500%, 12/25/35		2,222
	5,708	Series 2006-53, Class US, IF, IO, 6.386%, 06/25/36		899
	1,000	Series 2006-56, Class OA, PO, 10/25/24		944
	3,705	Series 2006-56, Class PF, VAR, 0.544%, 07/25/36		3,703
	1,926	Series 2006-56, Class PO, PO, 07/25/36		1,749
	3,249	Series 2006-58, Class AP, PO, 07/25/36		2,775
	349	Series 2006-58, Class FL, VAR, 0.654%, 07/25/36		350
	1,355	Series 2006-58, Class PO, PO, 07/25/36		1,127
	3,177	Series 2006-59, Class QO, PO, 01/25/33		2,868

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	2,751	Series 2006-60, Class DZ, 6.500%, 07/25/36		3,254
	2,080	Series 2006-65, Class QO, PO, 07/25/36		1,821
	1,643	Series 2006-71, Class IC, IO, 6.000%, 04/25/17		111
	594	Series 2006-72, Class TO, PO, 08/25/36		515
	6,305	Series 2006-77, Class PC, 6.500%, 08/25/36		7,253
	1,691	Series 2006-79, Class DO, PO, 08/25/36		1,490
	1,033	Series 2006-90, Class AO, PO, 09/25/36		878
	470	Series 2006-109, Class PO, PO, 11/25/36		397
	5,539	Series 2006-110, Class PO, PO, 11/25/36		4,753
	440	Series 2006-111, Class EO, PO, 11/25/36		363
	1,510	Series 2006-118, Class A2, VAR, 0.254%, 12/25/36		1,485
	991	Series 2006-119, Class PO, PO, 12/25/36		895
	10,000	Series 2006-124, Class HB, VAR, 5.962%, 11/25/36		10,945
	1,000	Series 2006-128, Class BP, 5.500%, 01/25/37		1,125
	2,272	Series 2006-130, Class GI, IO, 6.500%, 07/25/32		371
	6,777	Series 2007-7, Class SG, IF, IO, 6.306%, 08/25/36		999
	8,618	Series 2007-14, Class ES, IF, IO, 6.246%, 03/25/37		1,327
	572	Series 2007-15, Class NO, PO, 03/25/22		511
	3,683	Series 2007-16, Class FC, VAR, 0.944%, 03/25/37		3,654
	923	Series 2007-42, Class AO, PO, 05/25/37		826
	1,500	Series 2007-46, Class VK, 5.500%, 03/25/22		1,661
	1,016	Series 2007-48, Class PO, PO, 05/25/37		885
	3,623	Series 2007-54, Class FA, VAR, 0.594%, 06/25/37		3,628
	12,753	Series 2007-60, Class AX, IF, IO, 6.956%, 07/25/37		2,429
	889	Series 2007-77, Class FG, VAR, 0.694%, 03/25/37		893
	2,000	Series 2007-79, Class PB, 5.000%, 04/25/29		2,054
	2,100	Series 2007-79, Class PC, 5.000%, 01/25/32		2,237
	1,000	Series 2007-81, Class GE, 6.000%, 08/25/37		1,136
	2,000	Series 2007-84, Class PD, 6.000%, 08/25/32		2,098
	5,000	Series 2007-84, Class PG, 6.000%, 12/25/36		5,601
	6,597	Series 2007-88, Class VI, IF, IO, 6.346%, 09/25/37		935
	4,742	Series 2007-91, Class ES, IF, IO, 6.266%, 10/25/37		731
	3,478	Series 2007-97, Class KI, IO, 7.000%, 05/25/33		764
	256	Series 2007-97, Class MS, IF, 14.311%, 12/25/31		269
	6,877	Series 2007-101, Class A2, VAR, 0.444%, 06/27/36		6,858
	1,586	Series 2007-106, Class A7, VAR, 5.975%, 10/25/37		1,679
	3,000	Series 2007-114, Class A6, VAR, 0.394%, 10/27/37		2,980
	3,854	Series 2007-116, Class HI, IO, VAR, 6.418%, 01/25/38		331
	228	Series 2007-118, Class IO, IO, 6.000%, 06/25/36		30
	4,770	Series 2008-1, Class BI, IF, IO, 5.716%, 02/25/38		611
	2,910	Series 2008-10, Class XI, IF, IO, 6.036%, 03/25/38		374
	2,687	Series 2008-16, Class IS, IF, IO, 6.006%, 03/25/38		334
	2,504	Series 2008-19, Class IC, IO, 5.000%, 03/25/23		270
	1,000	Series 2008-24, Class DY, 5.000%, 04/25/23		1,116
	1,769	Series 2008-27, Class SN, IF, IO, 6.706%, 04/25/38		259
	8,283	Series 2008-35, Class AI, IO, VAR, 0.827%, 01/25/12		33
	1,618	Series 2008-39, Class CI, IO, 4.500%, 05/25/18		146
	1,140	Series 2008-42, Class AO, PO, 09/25/36		1,041
	240	Series 2008-44, Class PO, PO, 05/25/38		224
	2,659	Series 2008-47, Class SI, IF, IO, 6.306%, 06/25/23		274
	2,730	Series 2008-53, Class CI, IF, IO, 7.006%, 07/25/38		404
	573	Series 2008-59, Class IG, IO, 5.500%, 11/25/34		32
	1,407	Series 2008-76, Class GF, VAR, 0.844%, 09/25/23		1,425
	5,805	Series 2008-80, Class SA, IF, IO, 5.656%, 09/25/38		664
	3,619	Series 2008-81, Class SB, IF, IO, 5.656%, 09/25/38		440
	5,116	Series 2009-6, Class GS, IF, IO, 6.356%, 02/25/39		643
	2,444	Series 2009-9, Class IO, IO, 5.000%, 02/25/24		305
	2,151	Series 2009-18, Class IO, IO, 5.000%, 03/25/24		259

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
			Agency CMO — Continued
	2,500		Series 2009-19, Class IP, IO, 5.500%, 10/25/36		737
	3,139		Series 2009-70, Class CO, PO, 01/25/37		2,722
	4,291		Series 2009-86, Class UI, IO, 4.000%, 10/25/14		346
	3,359		Series 2009-99, Class SC, IF, IO, 5.986%, 12/25/39		411
	2,156		Series 2009-103, Class MB, 4.000%, 12/25/39		2,287
	2,000		Series 2010-45, Class BD, 4.500%, 11/25/38		2,119
	2,733		Series 2010-49, Class SC, IF, 12.272%, 03/25/40		3,067
	1,985		Series 2010-64, Class DM, 5.000%, 06/25/40		2,125
	4,322		Series 2010-133, Class A, 5.500%, 05/25/38		4,668
	3,913		Series 2010-148, Class MA, 4.000%, 02/25/39		4,164
	5,379		Series 2011-2, Class WA, VAR, 5.731%, 02/25/51		5,796
	2,920		Series 2011-22, Class MA, 6.500%, 04/25/38		3,310
	11,295		Series 2011-30, Class LS, IO, VAR, 4.783%, 04/25/41		930
	1		Series G-17, Class S, HB, VAR, 1,058.376%, 06/25/21		15
	53		Series G-28, Class S, IF, 14.881%, 09/25/21		65
	47		Series G-35, Class M, 8.750%, 10/25/21		54
	17		Series G-51, Class SA, HB, IF, 22.376%, 12/25/21		26
	7		Series G92-15, Class Z, 7.000%, 01/25/22		7
	–	(h)	Series G92-27, Class SQ, HB, IF, 1,777.270%, 05/25/22		3
	235		Series G92-35, Class E, 7.500%, 07/25/22		264
	–	(h)	Series G92-35, Class G, HB, 1,184.775%, 07/25/22		5
	29		Series G92-42, Class Z, 7.000%, 07/25/22		32
	1,028		Series G92-44, Class ZQ, 8.000%, 07/25/22		1,173
	36		Series G92-52, Class FD, VAR, 0.239%, 09/25/22		36
	309		Series G92-54, Class ZQ, 7.500%, 09/25/22		349
	37		Series G92-59, Class F, VAR, 2.152%, 10/25/22		38
	75		Series G92-61, Class Z, 7.000%, 10/25/22		89
	53		Series G92-62, Class B, PO, 10/25/22		50
	256		Series G93-1, Class KA, 7.900%, 01/25/23		293
	57		Series G93-5, Class Z, 6.500%, 02/25/23		63
	75		Series G93-14, Class J, 6.500%, 03/25/23		82
	174		Series G93-17, Class SI, IF, 6.000%, 04/25/23		176
	164		Series G93-27, Class FD, VAR, 1.099%, 08/25/23		166
	40		Series G93-37, Class H, PO, 09/25/23		35
	62		Series G95-1, Class C, 8.800%, 01/25/25		72
			Federal National Mortgage Association STRIPS,
	5		Series 23, Class 2, IO, 10.000%, 09/01/17		1
	1		Series 50, Class 2, IO, 10.500%, 03/01/19		–	(h)
	26		Series 218, Class 2, IO, 7.500%, 04/01/23		5
	22		Series 265, Class 2, 9.000%, 03/01/24		27
	497		Series 329, Class 1, PO, 01/01/33		436
	1,537		Series 339, Class 18, IO, 4.500%, 07/01/18		148
	2,221		Series 339, Class 21, IO, 4.500%, 07/01/18		212
	979		Series 339, Class 28, IO, 5.500%, 07/01/18		112
	871		Series 345, Class 6, IO, VAR, 5.000%, 12/01/33		150
	1,963		Series 351, Class 7, IO, VAR, 5.000%, 04/01/34		349
	1,260		Series 355, Class 11, IO, 6.000%, 07/01/34		253
	802		Series 355, Class 31, IO, VAR, 4.500%, 12/01/18		85
	3,389		Series 365, Class 8, IO, 5.500%, 05/01/36		607
	474		Series 368, Class 3, IO, 4.500%, 11/01/20		49
	1,829		Series 374, Class 5, IO, 5.500%, 08/01/36		295
	1,132		Series 383, Class 32, IO, 6.000%, 01/01/38		198
	2,969		Series 383, Class 33, IO, 6.000%, 01/01/38		520
	560		Series 393, Class 6, IO, 5.500%, 04/25/37		93
			Federal National Mortgage Association Whole Loan,
	1,319		Series 2003-W1, Class 1A1, VAR, 6.362%, 12/25/42		1,513
	485		Series 2003-W1, Class 2A, VAR, 7.232%, 12/25/42		567
	230		Series 2003-W4, Class 2A, VAR, 6.500%, 10/25/42		259
	415		Series 2004-W1, Class 2A2, 7.000%, 12/25/33		483

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	1,862	Series 2004-W15, Class 2AF, VAR, 0.444%, 08/25/44		1,847
	1,348	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		1,555
	1,846	Series 2005-W3, Class 2AF, VAR, 0.414%, 03/25/45		1,833
	1,702	Series 2006-W2, Class 1AF1, VAR, 0.414%, 02/25/36		1,690
	212	Series 2007-W7, Class 1A4, HB, IF, 38.016%, 07/25/37		315
	4,368	Series 2009-W1, Class A, 6.000%, 12/25/49		4,870
		Government National Mortgage Association,
	897	Series 1994-3, Class PQ, 7.488%, 07/16/24		1,051
	502	Series 1994-4, Class KQ, 7.988%, 07/16/24		576
	2,728	Series 1994-7, Class PQ, 6.500%, 10/16/24		3,103
	435	Series 1996-16, Class E, 7.500%, 08/16/26		495
	672	Series 1997-8, Class PN, 7.500%, 05/16/27		762
	156	Series 1997-11, Class D, 7.500%, 07/20/27		178
	336	Series 1998-26, Class K, 7.500%, 09/17/25		386
	1,834	Series 1999-4, Class ZB, 6.000%, 02/20/29		2,037
	1,692	Series 1999-10, Class ZC, 6.500%, 04/20/29		1,916
	266	Series 1999-30, Class S, IF, IO, 8.402%, 08/16/29		41
	21	Series 1999-33, Class SM, IF, 9.200%, 09/16/29		21
	346	Series 1999-40, Class ZW, 7.500%, 11/20/29		381
	490	Series 1999-41, Class Z, 8.000%, 11/16/29		566
	163	Series 1999-44, Class PC, 7.500%, 12/20/29		186
	3,322	Series 1999-44, Class ZC, 8.500%, 12/16/29		4,050
	536	Series 1999-44, Class ZG, 8.000%, 12/20/29		620
	410	Series 2000-6, Class Z, 7.500%, 02/20/30		460
	204	Series 2000-9, Class Z, 8.000%, 06/20/30		236
	2,170	Series 2000-9, Class ZJ, 8.500%, 02/16/30		2,609
	377	Series 2000-12, Class ST, HB, IF, 38.449%, 02/16/30		733
	456	Series 2000-14, Class PD, 7.000%, 02/16/30		499
	131	Series 2000-16, Class ZN, 7.500%, 02/16/30		140
	2,988	Series 2000-21, Class Z, 9.000%, 03/16/30		3,648
	525	Series 2000-26, Class TZ, 8.500%, 09/20/30		605
	138	Series 2000-26, Class Z, 7.750%, 09/20/30		159
	26	Series 2000-30, Class ST, IF, 11.050%, 12/16/22		31
	418	Series 2000-31, Class Z, 9.000%, 10/20/30		487
	123	Series 2000-34, Class SG, IF, IO, 8.334%, 10/20/30		34
	239	Series 2000-35, Class ZA, 9.000%, 11/20/30		266
	35	Series 2000-36, Class IK, IO, 9.000%, 11/16/30		7
	172	Series 2000-37, Class B, 8.000%, 12/20/30		200
	93	Series 2000-38, Class AH, 7.150%, 12/20/30		108
	234	Series 2001-4, Class SJ, IF, IO, 7.953%, 01/19/30		64
	200	Series 2001-6, Class SD, IF, IO, 8.352%, 03/16/31		37
	403	Series 2001-7, Class PK, 6.500%, 03/20/31		439
	1,155	Series 2001-8, Class Z, 6.500%, 03/20/31		1,307
	20	Series 2001-32, Class WA, IF, 19.636%, 07/20/31		29
	319	Series 2001-35, Class SA, IF, IO, 8.052%, 08/16/31		77
	244	Series 2001-36, Class S, IF, IO, 7.852%, 08/16/31		54
	1,350	Series 2001-64, Class MQ, 6.500%, 12/20/31		1,435
	306	Series 2002-3, Class SP, IF, IO, 7.192%, 01/16/32		55
	467	Series 2002-7, Class PG, 6.500%, 01/20/32		538
	1,339	Series 2002-24, Class AG, IF, IO, 7.752%, 04/16/32		279
	119	Series 2002-24, Class SB, IF, 11.628%, 04/16/32		137
	3,158	Series 2002-31, Class SE, IF, IO, 7.302%, 04/16/30		551
	944	Series 2002-40, Class UK, 6.500%, 06/20/32		1,070
	50	Series 2002-41, Class SV, IF, 9.000%, 06/16/32		51
	3,618	Series 2002-45, Class QE, 6.500%, 06/20/32		4,181
	1,243	Series 2002-47, Class PG, 6.500%, 07/16/32		1,409
	2,300	Series 2002-47, Class ZA, 6.500%, 07/20/32		2,588
	66	Series 2002-51, Class SG, HB, IF, 31.652%, 04/20/31		110

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	1,954	Series 2002-52, Class GH, 6.500%, 07/20/32		2,202
	563	Series 2002-54, Class GB, 6.500%, 08/20/32		634
	320	Series 2002-70, Class AV, 6.000%, 03/20/12		324
	1,599	Series 2002-70, Class PS, IF, IO, 7.504%, 08/20/32		193
	949	Series 2002-75, Class PB, 6.000%, 11/20/32		1,068
	239	Series 2002-80, Class EZ, 7.000%, 01/20/32		240
	484	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		28
	435	Series 2003-4, Class NY, 5.500%, 12/20/13		459
	1,561	Series 2003-11, Class SK, IF, IO, 7.502%, 02/16/33		283
	654	Series 2003-12, Class SP, IF, IO, 7.504%, 02/20/33		125
	153	Series 2003-24, Class PO, PO, 03/16/33		121
	1,319	Series 2003-40, Class TC, 7.500%, 03/20/33		1,395
	1,319	Series 2003-40, Class TJ, 6.500%, 03/20/33		1,519
	753	Series 2003-46, Class MG, 6.500%, 05/20/33		863
	1,394	Series 2003-46, Class TC, 6.500%, 03/20/33		1,586
	571	Series 2003-52, Class AP, PO, 06/16/33		451
	2,150	Series 2003-58, Class BE, 6.500%, 01/20/33		2,503
	1,079	Series 2003-76, Class LS, IF, IO, 7.004%, 09/20/31		86
	176	Series 2003-90, Class PO, PO, 10/20/33		153
	2,229	Series 2003-112, Class SA, IF, IO, 6.352%, 12/16/33		365
	3,000	Series 2003-112, Class TS, IF, IO, 6.754%, 10/20/32		486
	6,889	Series 2004-11, Class SW, IF, IO, 5.304%, 02/20/34		842
	793	Series 2004-15, Class SA, IF, 19.124%, 12/20/32		960
	695	Series 2004-28, Class S, IF, 19.118%, 04/16/34		934
	593	Series 2004-68, Class PO, PO, 05/20/31		566
	303	Series 2004-73, Class AE, IF, 14.447%, 08/17/34		366
	3,816	Series 2004-90, Class SI, IF, IO, 5.904%, 10/20/34		571
	2,934	Series 2005-3, Class SB, IF, IO, 5.904%, 01/20/35		429
	7,179	Series 2005-17, Class SL, IF, IO, 6.504%, 07/20/34		1,252
	583	Series 2005-35, Class FL, VAR, 0.546%, 03/20/32		580
	385	Series 2005-39, Class KI, IO, 5.500%, 03/20/34		40
	3,196	Series 2005-58, Class NI, IO, 5.500%, 08/20/35		1,116
	703	Series 2005-68, Class DP, IF, 15.957%, 06/17/35		859
	10,430	Series 2005-68, Class KI, IF, IO, 6.104%, 09/20/35		1,462
	1,343	Series 2005-69, Class SY, IF, IO, 6.554%, 11/20/33		226
	1,423	Series 2005-91, Class PI, IO, 6.000%, 12/20/35		249
	757	Series 2006-16, Class OP, PO, 03/20/36		677
	708	Series 2006-28, Class GO, PO, 03/20/35		662
	2,606	Series 2006-38, Class SW, IF, IO, 6.304%, 06/20/36		333
	2,258	Series 2006-59, Class SD, IF, IO, 6.504%, 10/20/36		364
	4,700	Series 2006-65, Class SA, IF, IO, 6.604%, 11/20/36		746
	2,502	Series 2007-9, Class DI, IF, IO, 6.314%, 03/20/37		336
	5,476	Series 2007-17, Class JI, IF, IO, 6.612%, 04/16/37		790
	587	Series 2007-17, Class JO, PO, 04/16/37		525
	4,026	Series 2007-19, Class SD, IF, IO, 6.004%, 04/20/37		455
	4,093	Series 2007-26, Class SC, IF, IO, 6.004%, 05/20/37		527
	2,320	Series 2007-27, Class SA, IF, IO, 6.004%, 05/20/37		276
	1,000	Series 2007-28, Class BO, PO, 05/20/37		888
	312	Series 2007-35, Class TO, PO, 04/20/35		306
	2,261	Series 2007-36, Class SE, IF, IO, 6.272%, 06/16/37		307
	6,250	Series 2007-40, Class SB, IF, IO, 6.554%, 07/20/37		868
	3,737	Series 2007-42, Class SB, IF, IO, 6.554%, 07/20/37		516
	2,500	Series 2007-47, Class PH, 6.000%, 07/16/37		2,829
	1,350	Series 2007-49, Class NO, PO, 12/20/35		1,343
	3,422	Series 2007-50, Class AI, IF, IO, 6.579%, 08/20/37		474
	490	Series 2007-53, Class SW, IF, 19.618%, 09/20/37		616
	1,694	Series 2007-57, Class PO, PO, 03/20/37		1,511
	2,417	Series 2007-57, Class QA, IF, IO, 6.304%, 10/20/37		317

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Agency CMO — Continued
	3,393	Series 2007-71, Class SB, IF, IO, 6.504%, 07/20/36		376
	2,350	Series 2007-72, Class US, IF, IO, 6.354%, 11/20/37		314
	2,388	Series 2007-73, Class MI, IF, IO, 5.804%, 11/20/37		284
	4,707	Series 2007-76, Class SA, IF, IO, 6.334%, 11/20/37		626
	2,347	Series 2007-79, Class SY, IF, IO, 6.354%, 12/20/37		305
	1,447	Series 2007-81, Class SP, IF, IO, 6.454%, 12/20/37		188
	2,598	Series 2007-82, Class SA, IF, IO, 6.334%, 12/20/37		347
	1,063	Series 2008-2, Class MS, IF, IO, 6.962%, 01/16/38		143
	4,254	Series 2008-2, Class NS, IF, IO, 6.342%, 01/16/38		542
	2,428	Series 2008-10, Class S, IF, IO, 5.634%, 02/20/38		304
	994	Series 2008-23, Class IO, IO, 6.000%, 02/20/37		119
	1,729	Series 2008-25, Class SB, IF, IO, 6.704%, 03/20/38		239
	1,663	Series 2008-32, Class PI, IO, 5.500%, 10/16/37		296
	3,262	Series 2008-36, Class SH, IF, IO, 6.104%, 04/20/38		403
	11,937	Series 2008-40, Class SA, IF, IO, 6.202%, 05/16/38		1,868
	3,562	Series 2008-41, Class SA, IF, IO, 6.144%, 05/20/38		472
	2,331	Series 2008-55, Class SA, IF, IO, 6.004%, 06/20/38		297
	939	Series 2008-60, Class PO, PO, 01/20/38		836
	1,439	Series 2008-71, Class SC, IF, IO, 5.804%, 08/20/38		192
	2,306	Series 2008-93, Class AS, IF, IO, 5.504%, 12/20/38		243
	3,950	Series 2009-6, Class SA, IF, IO, 5.902%, 02/16/39		484
	2,577	Series 2009-10, Class SL, IF, IO, 6.302%, 03/16/34		313
	3,000	Series 2009-12, Class IE, IO, 5.500%, 03/20/39		898
	2,544	Series 2009-14, Class KI, IO, 6.500%, 03/20/39		409
	2,241	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		373
	6,357	Series 2009-22, Class SA, IF, IO, 6.074%, 04/20/39		736
	1,964	Series 2009-25, Class SE, IF, IO, 7.404%, 09/20/38		285
	2,163	Series 2009-33, Class CI, IO, 5.500%, 05/20/39		316
	1,689	Series 2009-33, Class TI, IO, 6.000%, 05/20/39		301
	2,039	Series 2009-38, Class IO, IO, 5.000%, 09/16/31		245
	3,242	Series 2009-43, Class SA, IF, IO, 5.754%, 06/20/39		387
	2,484	Series 2009-65, Class IQ, IO, 6.000%, 12/20/38		391
	6,152	Series 2009-72, Class SM, IF, IO, 6.052%, 08/16/39		831
	1,108	Series 2009-79, Class OK, PO, 11/16/37		989
	700	Series 2010-14, Class CO, PO, 08/20/35		536
	1,334	Series 2010-130, Class CP, 7.000%, 10/16/40		1,546
	5,124	Series 2010-157, Class OP, PO, 12/20/40		4,028
	1,937	Series 2011-22, Class WA, 5.947%, 02/20/37		2,158
	10,000	Series 2011-75, Class SM, IF, IO, 6.401%, 05/20/41		1,494
	12,041	NCUA Guaranteed Notes, Series 2010-C1, Class APT, 2.650%, 10/29/20		12,192
		Vendee Mortgage Trust,
	712	Series 1994-1, Class 1, VAR, 5.627%, 02/15/24		784
	1,259	Series 1994-1, Class 2ZB, 6.500%, 02/15/24		1,419
	1,043	Series 1996-1, Class 1Z, 6.750%, 02/15/26		1,202
	751	Series 1996-2, Class 1Z, 6.750%, 06/15/26		865
	1,440	Series 1997-1, Class 2Z, 7.500%, 02/15/27		1,682
	1,789	Series 1998-1, Class 2E, 7.000%, 03/15/28		2,064
	3,440	Series 1999-1, Class 2Z, 6.500%, 01/15/29		3,946
				849,413
		Non-Agency CMO — 12.4%
	1,000	AAM ACE Resecuritization Trust, Series 2011-1, Class A20, VAR, 0.478%, 02/02/37 (e)		945
	1,731	ABN AMRO Mortgage Corp., Series 2003-8, Class A3, 4.500%, 06/25/33		1,757
		American General Mortgage Loan Trust,
	4,200	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		4,285
	2,775	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		2,819
	4,500	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		4,574
	1,609	Series 2010-1A, Class A1, VAR, 5.150%, 03/25/58 (e)		1,660

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	7,278	American Home Mortgage Investment Trust, Series 2005-3, Class 2A4, VAR, 2.030%, 09/25/35		3,141
		ASG Resecuritization Trust,
	1,748	Series 2009-1, Class A60, VAR, 5.311%, 06/26/37 (e)		1,766
	3,151	Series 2009-2, Class A55, VAR, 5.371%, 05/24/36 (e)		3,220
	1,000	Series 2009-2, Class G60, VAR, 5.371%, 05/24/36 (e)		1,006
	6,693	Series 2009-3, Class A65, VAR, 5.348%, 03/26/37 (e)		6,700
	7,879	Series 2009-4, Class A60, 6.000%, 06/28/37 (e)		8,036
	1,830	Series 2010-2, Class A60, VAR, 5.087%, 01/28/37 (e)		1,840
	2,002	Series 2010-3, Class 2A22, VAR, 0.459%, 10/28/36 (e)		1,942
	1,196	Series 2011-1, Class 3A50, VAR, 2.579%, 11/28/35 (e) (f) (i)		1,151
		Banc of America Alternative Loan Trust,
	326	Series 2003-2, Class PO, PO, 04/25/33		273
	912	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		932
	499	Series 2003-11, Class PO, PO, 01/25/34		350
	349	Series 2004-6, Class 15PO, PO, 07/25/19		266
	2,067	Series 2005-5, Class 1CB1, 5.500%, 06/25/35		1,894
	6,664	Series 2005-6, Class CBIO, IO, 5.500%, 07/25/35		974
	1,818	Series 2006-4, Class 1A4, 6.000%, 05/25/46		1,374
		Banc of America Funding Corp.,
	753	Series 2004-1, Class PO, PO, 03/25/34		602
	1,573	Series 2004-2, Class 30PO, PO, 09/20/34		1,160
	420	Series 2004-3, Class 1A7, 5.500%, 10/25/34		420
	907	Series 2004-C, Class 1A1, VAR, 5.020%, 12/20/34		906
	1,776	Series 2005-6, Class 2A7, 5.500%, 10/25/35		1,745
	1,278	Series 2005-7, Class 30PO, PO, 11/25/35		862
	924	Series 2005-8, Class 30PO, PO, 01/25/36		618
	2,479	Series 2005-E, Class 4A1, VAR, 2.819%, 03/20/35		2,366
	981	Series 2006-A, Class 3A2, VAR, 2.904%, 02/20/36		585
		Banc of America Mortgage Securities, Inc.,
	369	Series 2003-3, Class 2A1, VAR, 0.744%, 05/25/18		355
	514	Series 2003-6, Class 2A1, VAR, 0.644%, 08/25/18		493
	176	Series 2003-7, Class A2, 4.750%, 09/25/18		182
	374	Series 2003-8, Class APO, PO, 11/25/33		270
	4,173	Series 2004-3, Class 15IO, IO, VAR, 0.239%, 04/25/19		21
	192	Series 2004-4, Class APO, PO, 05/25/34		143
	3,520	Series 2004-5, Class 2A2, 5.500%, 06/25/34		3,519
	856	Series 2004-6, Class 2A5, PO, 07/25/34		601
	855	Series 2004-6, Class APO, PO, 07/25/34		620
	70	Series 2004-8, Class 5PO, PO, 05/25/32		55
	104	Series 2004-8, Class XPO, PO, 10/25/34		78
	473	Series 2004-A, Class 2A2, VAR, 2.829%, 02/25/34		414
	1,718	Series 2004-J, Class 3A1, VAR, 5.089%, 11/25/34		1,520
	1,975	Series 2005-10, Class 1A6, 5.500%, 11/25/35		1,886
	456	Series 2005-A, Class 2A1, VAR, 2.880%, 02/25/35		395
		BCAP LLC Trust,
	639	Series 2009-RR13, Class 11A1, VAR, 5.250%, 05/26/37 (e)		636
	1,313	Series 2009-RR13, Class 17A2, VAR, 5.500%, 04/26/37 (e)		1,365
	1,450	Series 2009-RR5, Class 8A1, 5.500%, 11/26/34 (e)		1,472
	1,404	Series 2010-RR12, Class 2A5, VAR, 4.500%, 01/26/36 (e)		1,409
	1,209	Series 2010-RR4, Class 12A1, VAR, 4.000%, 07/26/36 (e) (f) (i)		1,208
	579	Series 2010-RR4, Class 2A1, VAR, 0.943%, 06/26/37 (e)		556
	1,699	Series 2010-RR6, Class 22A3, VAR, 5.265%, 06/26/36 (e)		1,699
	1,140	Series 2010-RR6, Class 5A1, VAR, 5.500%, 11/26/37 (e)		1,133
	1,356	Series 2010-RR7, Class 15A1, VAR, 0.993%, 01/26/36 (e)		1,270
	1,614	Series 2010-RR7, Class 16A1, VAR, 0.995%, 02/26/47 (e)		1,517
	1,559	Series 2010-RR7, Class 1A5, VAR, 5.021%, 04/26/35 (e)		1,573
	4,766	Series 2010-RR7, Class 2A1, VAR, 5.283%, 07/26/45 (e)		4,754
	1,144	Series 2010-RR8, Class 3A3, VAR, 5.084%, 05/26/35 (e)		1,166
	4,511	Series 2011-RR5-I, VAR, 0.000%, 05/26/36		4,111

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
		Bear Stearns Adjustable Rate Mortgage Trust,
	340	Series 2003-7, Class 3A, VAR, 2.821%, 10/25/33		327
	1,115	Series 2004-1, Class 12A1, VAR, 2.794%, 04/25/34		940
	684	Series 2004-2, Class 14A, VAR, 5.137%, 05/25/34		704
	3,274	Series 2005-5, Class A1, VAR, 2.340%, 08/25/35		3,108
	6,130	Series 2006-1, Class A1, VAR, 2.520%, 02/25/36		5,542
		Citicorp Mortgage Securities, Inc.,
	113	Series 1993-14, Class A3, VAR, 1.394%, 11/25/23		109
	2,140	Series 2004-1, Class 3A1, 4.750%, 01/25/34		2,185
	1,463	Series 2004-5, Class 2A5, 4.500%, 08/25/34		1,511
	526	Series 2005-5, Class APO, PO, 08/25/35		373
	544	Series 2005-8, Class APO, PO, 11/25/35		391
		Citigroup Mortgage Loan Trust, Inc.,
	1,010	Series 2003-1, Class 2A5, 5.250%, 10/25/33		1,022
	471	Series 2003-1, Class 2A6, PO, 10/25/33		334
	405	Series 2003-1, Class PO2, PO, 10/25/33		285
	324	Series 2003-1, Class PO3, PO, 09/25/33		230
	204	Series 2003-UP3, Class A3, 7.000%, 09/25/33		206
	1,201	Series 2003-UST1, Class A1, 5.500%, 12/25/18		1,211
	276	Series 2003-UST1, Class PO1, PO, 12/25/18		235
	177	Series 2003-UST1, Class PO3, PO, 12/25/18		155
	662	Series 2004-UST1, Class A6, VAR, 5.080%, 08/25/34		677
	558	Series 2005-1, Class 2A1A, VAR, 2.720%, 04/25/35		355
	1,003	Series 2005-2, Class 2A11, 5.500%, 05/25/35		997
	700	Series 2005-5, Class 1A2, VAR, 2.733%, 08/25/35		437
	2,557	Series 2008-AR4, Class 1A1A, VAR, 5.284%, 11/25/38		2,544
	1,181	Series 2009-10, Class 2A1A, 7.000%, 12/25/35 (e)		1,184
	1,851	Series 2011-3, Class 1A1, VAR, 0.274%, 02/25/47 (e)		1,811
	2,221	Series 2011-5, Class 1A1, 0.384%, 02/25/46 (f) (i)		2,032
		Countrywide Alternative Loan Trust,
	649	Series 2002-8, Class A4, 6.500%, 07/25/32		684
	11,345	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		10,791
	2,903	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		2,967
	779	Series 2005-5R, Class A1, 5.250%, 12/25/18		794
	4,607	Series 2005-1CB, Class 1A6, IF, IO, 6.906%, 03/25/35		684
	7,135	Series 2005-20CB, Class 3A8, IF, IO, 4.556%, 07/25/35		722
	15,300	Series 2005-22T1, Class A2, IF, IO, 4.876%, 06/25/35		1,299
	546	Series 2005-26CB, Class A10, IF, 12.698%, 07/25/35		558
	6,671	Series 2005-28CB, Class 1A4, 5.500%, 08/25/35		5,379
	316	Series 2005-28CB, Class 3A5, 6.000%, 08/25/35		290
	10,666	Series 2005-37T1, Class A2, IF, IO, 4.856%, 09/25/35		1,246
	6,084	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		5,170
	16,322	Series 2005-54CB, Class 1A2, IF, IO, 4.656%, 11/25/35		1,628
	4,046	Series 2005-57CB, Class 3A2, IF, IO, 4.906%, 12/25/35		410
	2,326	Series 2005-64CB, Class 1A9, 5.500%, 12/25/35		1,912
	12,877	Series 2005-J1, Class 1A4, IF, IO, 4.906%, 02/25/35		1,148
	3,770	Series 2006-26CB, Class A9, 6.500%, 09/25/36		2,744
		Countrywide Home Loan Mortgage Pass-Through Trust,
	44	Series 2003-8, Class A4, 4.500%, 05/25/18		44
	2,250	Series 2003-26, Class 1A6, 3.500%, 08/25/33		2,144
	1	Series 2003-34, Class A11, 5.250%, 09/25/33		1
	753	Series 2003-44, Class A9, PO, 10/25/33		599
	1,056	Series 2003-J7, Class 4A3, IF, 9.522%, 08/25/18		1,105
	841	Series 2004-7, Class 2A1, VAR, 2.269%, 06/25/34		754
	1,197	Series 2004-8, Class 2A1, 4.500%, 06/25/19		1,234
	335	Series 2004-HYB1, Class 2A, VAR, 2.879%, 05/20/34		290
	1,206	Series 2004-HYB3, Class 2A, VAR, 2.567%, 06/20/34		976
	1,033	Series 2004-HYB6, Class A3, VAR, 3.066%, 11/20/34		876
	970	Series 2004-J8, Class 1A2, 4.750%, 11/25/19		984

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	3,853	Series 2005-16, Class A23, 5.500%, 09/25/35		3,780
	5,060	Series 2005-22, Class 2A1, VAR, 3.084%, 11/25/35		3,555
		Credit Suisse Mortgage Capital Certificates,
	1,066	Series 2009-12R, Class 7A1, 5.500%, 10/27/35 (e)		1,071
	627	Series 2010-16, Class A3, VAR, 4.136%, 06/25/50 (e)		574
	1,623	Series 2010-1R, Class 26A1, 4.750%, 05/27/37 (e)		1,644
	2,760	Series 2010-11R, Class A1, VAR, 1.191%, 06/28/47 (e)		2,729
	1,034	Series 2010-12R, Class 14A1, VAR, 4.500%, 09/26/46 (e)		1,039
	648	Series 2010-15R, Class 7A1, VAR, 5.340%, 10/26/37 (e)		656
	250	Series 2010-15R, Class 7A2, VAR, 5.340%, 10/26/37 (e)		228
	5,748	Series 2011-1R, Class A1, VAR, 1.192%, 02/27/47 (e)		5,752
	2,000	Series 2011-6R, Class 3A1, VAR, 5.653%, 07/28/36 (e)		1,870
		CS First Boston Mortgage Securities Corp.,
	828	Series 2003-1, Class DB1, 6.564%, 02/25/33		726
	468	Series 2003-17, Class 2A1, 5.000%, 07/25/18		489
	1,028	Series 2003-21, Class 1A4, 5.250%, 09/25/33		1,053
	1,668	Series 2003-25, Class 1P, PO, 10/25/33		1,233
	182	Series 2004-5, Class 5P, PO, 08/25/19		157
	1,793	Series 2005-4, Class 3A18, 5.500%, 06/25/35		1,642
	1,857	Series 2005-4, Class 3A22, 5.500%, 06/25/35		1,880
	1,995	Series 2005-4, Class 3A23, 5.500%, 06/25/35		1,795
		Deutsche Mortgage Securities, Inc.,
	1,113	Series 2009-RS2, Class 4A1, VAR, 0.343%, 04/26/37 (e)		1,063
	963	Series 2009-RS3, Class A1, 5.250%, 08/26/35 (e)		958
	1,585	Series 2010-RS2, Class A1, VAR, 1.441%, 06/28/47 (e)		1,586
	19	First Boston Mortgage Securities Corp. 1987 STRIPS, Series C, Class PO, PO, 04/25/17		17
		First Horizon Alternative Mortgage Securities,
	1,432	Series 2004-AA4, Class A1, VAR, 2.365%, 10/25/34		1,297
	2,336	Series 2005-FA8, Class 1A19, 5.500%, 11/25/35		1,809
	4,115	Series 2007-FA4, Class 1A2, IF, IO, 5.456%, 08/25/37		513
		First Horizon Asset Securities, Inc.,
	141	Series 2003-3, Class 1A4, 3.900%, 05/25/33		141
	3,046	Series 2003-9, Class 1A6, 5.500%, 11/25/33		3,086
	1,358	Series 2004-AR2, Class 2A1, VAR, 2.761%, 05/25/34		1,246
	855	Series 2004-AR7, Class 2A1, VAR, 2.741%, 02/25/35		825
	2,274	Series 2005-AR1, Class 2A2, VAR, 2.750%, 04/25/35		2,149
		GMAC Mortgage Corp. Loan Trust,
	1,274	Series 2003-AR1, Class A4, VAR, 3.403%, 10/19/33		1,259
	692	Series 2004-J5, Class A7, 6.500%, 01/25/35		717
	404	Series 2004-J6, Class 1A1, 5.000%, 01/25/20		409
	905	Series 2005-AR3, Class 3A3, VAR, 3.132%, 06/19/35		871
	5,565	Series 2005-AR3, Class 3A4, VAR, 3.132%, 06/19/35		4,686
	761	Series 2010-1, Class A, 4.250%, 07/25/40 (e)		765
		GSMPS Mortgage Loan Trust,
	1,296	Series 2001-2, Class A, VAR, 7.500%, 06/19/32 (e)		1,137
	6,243	Series 2006-RP2, Class 1AS2, IF, IO, 5.833%, 04/25/36 (e)		886
		GSR Mortgage Loan Trust,
	1,458	Series 2004-6F, Class 3A4, 6.500%, 05/25/34		1,557
	98	Series 2004-10F, Class 2A1, 5.000%, 08/25/19		99
	540	Series 2004-13F, Class 3A3, 6.000%, 11/25/34		527
	840	Series 2005-4F, Class AP, PO, 05/25/35		702
	5,592	Series 2005-7F, Class 3A9, 6.000%, 09/25/35		5,397
	4,602	Series 2006-1F, Class 2A4, 6.000%, 02/25/36		3,762
	5,000	Series 2007-1F, Class 2A4, 5.500%, 01/25/37		4,753
	628	Impac CMB Trust, Series 2005-4, Class 2A1, VAR, 0.494%, 05/25/35		565
		Impac Secured Assets CMN Owner Trust,
	1,220	Series 2006-1, Class 2A1, VAR, 0.544%, 05/25/36		1,041
	2,023	Series 2006-2, Class 2A1, VAR, 0.544%, 08/25/36		1,739

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	24,321	Indymac Index Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.261%, 08/25/35		152
		JP Morgan Mortgage Trust,
	3,032	Series 2006-A2, Class 4A1, VAR, 2.909%, 08/25/34		2,958
	817	Series 2006-A3, Class 6A1, VAR, 3.061%, 08/25/34		742
	1,315	JP Morgan Reremic, Series 2009- 6, Class 4A1, VAR, 5.972%, 09/26/36 (e)		1,371
		Lehman Mortgage Trust,
	1,410	Series 2006-2, Class 1A1, VAR, 6.476%, 04/25/36		1,346
	2,000	Series 2008-2, Class 1A6, 6.000%, 03/25/38		1,551
	445	LVII Resecuritization Trust, Series 2009-2, Class A3, VAR, 3.000%, 09/27/37 (e)		441
		MASTR Adjustable Rate Mortgages Trust,
	109	Series 2004-4, Class 2A1, VAR, 2.117%, 05/25/34		73
	1,762	Series 2004-13, Class 2A1, VAR, 2.796%, 04/21/34		1,733
	5,337	Series 2004-13, Class 3A6, VAR, 2.874%, 11/21/34		5,331
	2,800	Series 2004-13, Class 3A7, VAR, 2.874%, 11/21/34		2,692
	463	Series 2004-15, Class 3A1, VAR, 3.241%, 12/25/34		377
		MASTR Alternative Loans Trust,
	380	Series 2003-3, Class 1A1, 6.500%, 05/25/33		396
	1,266	Series 2003-9, Class 8A1, 6.000%, 01/25/34		1,267
	1,141	Series 2004-3, Class 2A1, 6.250%, 04/25/34		1,155
	2,435	Series 2004-4, Class 10A1, 5.000%, 05/25/24		2,485
	817	Series 2004-6, Class 30PO, PO, 07/25/34		649
	1,142	Series 2004-6, Class 7A1, 6.000%, 07/25/34		1,154
	576	Series 2004-7, Class 30PO, PO, 08/25/34		398
	2,691	Series 2004-8, Class 6A1, 5.500%, 09/25/19		2,740
	545	Series 2004-10, Class 1A1, 4.500%, 09/25/19		555
		MASTR Asset Securitization Trust,
	261	Series 2003-2, Class 2A1, 4.500%, 03/25/18		264
	62	Series 2003-3, Class 4A1, 5.000%, 04/25/18		64
	384	Series 2003-4, Class 3A2, 5.000%, 05/25/18		392
	418	Series 2003-12, Class 30PO, PO, 12/25/33		287
	254	Series 2004-1, Class 30PO, PO, 02/25/34		175
	208	Series 2004-4, Class 3A1, 4.500%, 04/25/19		212
	211	Series 2004-6, Class 15PO, PO, 05/25/19		176
	456	Series 2004-8, Class 1A1, 4.750%, 08/25/19		466
	180	Series 2004-8, Class PO, PO, 08/25/19		154
	31	Series 2004-10, Class 5A1, VAR, 0.594%, 11/25/34		31
	1,000	Series 2006-2, Class 1A30, 6.000%, 06/25/36		916
	3,854	MASTR Reperforming Loan Trust, Series 2005-2, Class 1A1F, VAR, 0.544%, 05/25/35 (e)		3,080
	3,771	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		2,451
	96	Merrill Lynch Trust, Series 47, Class Z, 8.985%, 10/20/20		108
	888	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.514%, 02/25/35		689
		Nomura Asset Acceptance Corp.,
	522	Series 2003-A1, Class A1, 5.500%, 05/25/33		538
	212	Series 2003-A1, Class A2, 6.000%, 05/25/33		216
	66	Series 2003-A1, Class A5, 7.000%, 04/25/33		68
	43	Series 2003-A1, Class A7, 5.000%, 04/25/18		44
	719	Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		725
		Paine Webber CMO Trust,
	4	Series H, Class 4, 8.750%, 04/01/18		4
	21	Series P, Class 4, 8.500%, 08/01/19		24
		RBSSP Resecuritization Trust,
	915	Series 2009-2, Class 1A1, 7.000%, 08/26/37 (e)		962
	1,643	Series 2009-6, Class 15A1, 5.500%, 01/26/21 (e)		1,660
	1,413	Series 2009-9, Class 7A4, 6.000%, 07/26/37 (e)		1,452
	952	Series 2009-12, Class 14A1, VAR, 5.500%, 03/25/23 (e)		979
	2,233	Series 2009-12, Class 1A1, VAR, 5.700%, 11/25/33 (e)		2,353
	1,579	Series 2010-9, Class 1A1, VAR, 0.379%, 07/26/37 (e) (f) (i)		1,389
	1,800	Series 2010-9, Class 7A5, VAR, 4.000%, 05/26/37 (e)		1,789

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	1,305	Series 2010-12, Class 8A1, 4.000%, 06/27/21 (e)		1,312
		Residential Accredit Loans, Inc.,
	316	Series 2002-QS16, Class A3, IF, 16.217%, 10/25/17		347
	1,022	Series 2002-QS8, Class A5, 6.250%, 06/25/17		1,038
	5,266	Series 2003-QR19, Class CB4, 5.750%, 10/25/33		5,187
	1,851	Series 2003-QS12, Class A2A, IF, IO, 7.406%, 06/25/18		234
	563	Series 2003-QS12, Class A5, IO, 5.000%, 06/25/18		51
	3,696	Series 2003-QS14, Class A1, 5.000%, 07/25/18		3,815
	1,146	Series 2003-QS18, Class A1, 5.000%, 09/25/18		1,182
	2,471	Series 2003-QS19, Class A1, 5.750%, 10/25/33		2,511
	744	Series 2003-QS3, Class A2, IF, 16.073%, 02/25/18		812
	704	Series 2003-QS3, Class A8, IF, IO, 7.406%, 02/25/18		77
	1,964	Series 2003-QS9, Class A3, IF, IO, 7.356%, 05/25/18		276
	3,096	Series 2004-QA6, Class NB2, VAR, 3.154%, 12/26/34		2,234
	346	Series 2004-QS8, Class A2, 5.000%, 06/25/34		346
		Residential Asset Securitization Trust,
	1,167	Series 2003-A13, Class A3, 5.500%, 01/25/34		1,165
	106	Series 2003-A14, Class A1, 4.750%, 02/25/19		109
	4,337	Series 2005-A2, Class A4, IF, IO, 4.856%, 03/25/35		452
	1,509	Series 2006-A4, Class 2A5, 6.000%, 05/25/36		966
		Residential Funding Mortgage Securities I,
	1,130	Series 2003-S13, Class A3, 5.500%, 06/25/33		1,152
	452	Series 2003-S14, Class A4, PO, 07/25/18		399
	804	Series 2004-S3, Class A1, 4.750%, 03/25/19		826
	1,591	Series 2004-S6, Class 2A6, PO, 06/25/34		1,185
	362	Series 2004-S9, Class 2A1, 4.750%, 12/25/19		367
	1,149	Series 2005-SA4, Class 1A1, VAR, 3.232%, 09/25/35		825
	81	Residential Funding Securities LLC, Series 2003-RM2, Class AP- 3, PO, 05/25/33		58
		Salomon Brothers Mortgage Securities VII, Inc.,
	678	Series 2003-HYB1, Class A, VAR, 3.217%, 09/25/33		669
	158	Series 2003-UP2, Class PO1, PO, 12/25/18		121
	3,500	Station Place Securitization Trust, Series 2010-1, Class A, VAR, 1.196%, 12/20/42 (e)		3,500
	2,826	Structured Adjustable Rate Mortgage Loan Trust, Series 2004-6, Class 5A4, VAR, 4.937%, 06/25/34		2,758
	1,029	Structured Asset Mortgage Investments, Inc., Series 2004- AR5, Class 1A1, VAR, 0.527%, 10/19/34		925
		Structured Asset Securities Corp.,
	83	Series 2002-10H, Class 1AP, PO, 05/25/32		61
	229	Series 2003-8, Class 1A2, 5.000%, 04/25/18		236
	503	Series 2003-31A, Class B1, VAR, 2.580%, 10/25/33		201
	1,775	Series 2003-33H, Class 1A1, 5.500%, 10/25/33		1,805
	1,079	Series 2004-20, Class 1A3, 5.250%, 11/25/34		1,088
	3,000	Series 2004-5H, Class A4, 5.540%, 12/25/33		2,968
	561	Series 2005-6, Class 4A1, 5.000%, 05/25/35		552
	1,000	Series 2005-10, Class 5A9, 5.250%, 12/25/34		985
	992	Thornburg Mortgage Securities Trust, Series 2003-4, Class A1, VAR, 0.514%, 09/25/43		937
		WaMu Mortgage Pass-Through Certificates,
	230	Series 2003-AR8, Class A, VAR, 2.715%, 08/25/33		227
	5,301	Series 2003-AR9, Class 1A6, VAR, 2.715%, 09/25/33		5,136
	716	Series 2003-AR9, Class 2A, VAR, 2.780%, 09/25/33		705
	1,736	Series 2003-S10, Class A5, 5.000%, 10/25/18		1,741
	191	Series 2003-S10, Class A6, PO, 10/25/18		192
	573	Series 2003-S11, Class 2A5, IF, 16.516%, 11/25/33		603
	1,036	Series 2003-S8, Class A6, 4.500%, 09/25/18		1,065
	3,362	Series 2003-S9, Class A8, 5.250%, 10/25/33		3,501
	447	Series 2003-S9, Class P, PO, 10/25/33		317
	436	Series 2004-AR3, Class A1, VAR, 2.578%, 06/25/34		428
	249	Series 2004-AR3, Class A2, VAR, 2.578%, 06/25/34		244

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Non-Agency CMO — Continued
	2,438	Series 2004-RS2, Class A4, 5.000%, 11/25/33		2,530
	571	Series 2006-AR10, Class 2P, VAR, 0.000%, 09/25/36		320
	408	Series 2006-AR12, Class 2P, VAR, 0.000%, 10/25/36		229
		Washington Mutual Alternative Mortgage Pass-Through Certificates,
	14,583	Series 2005-2, Class 1A4, IF, IO, 4.856%, 04/25/35		1,441
	3,501	Series 2005-2, Class 2A3, IF, IO, 4.806%, 04/25/35		357
	3,843	Series 2005-3, Class CX, IO, 5.500%, 05/25/35		652
	4,060	Series 2005-4, Class CB7, 5.500%, 06/25/35		3,478
	3,715	Series 2005-4, Class CX, IO, 5.500%, 06/25/35		557
	1,236	Series 2005-6, Class 2A4, 5.500%, 08/25/35		1,137
	5,406	Series 2005-6, Class 2A9, 5.500%, 08/25/35		4,441
	50	Washington Mutual MSC Mortgage Pass-Through Certificates, Series 2002-MS12, Class A, 6.500%, 05/25/32		53
	1,700	Wells Fargo Commercial Mortgage Trust, 0.000%, 04/01/41		1,717
		Wells Fargo Mortgage-Backed Securities Trust,
	113	Series 2002-18, Class 2A5, 6.000%, 12/25/32		113
	614	Series 2003-8, Class A9, 4.500%, 08/25/18		633
	1,415	Series 2003-11, Class 1A4, 4.750%, 10/25/18		1,414
	351	Series 2003-11, Class 1APO, PO, 10/25/18		302
	1,098	Series 2003-13, Class A7, 4.500%, 11/25/18		1,114
	1,300	Series 2003-15, Class 1A1, 4.750%, 12/25/18		1,343
	264	Series 2003-15, Class APO, PO, 12/25/18		224
	1,116	Series 2003-16, Class 2A1, 4.500%, 12/25/18		1,132
	348	Series 2003-16, Class 2A3, 4.500%, 12/25/18		348
	817	Series 2003-K, Class 1A1, VAR, 4.447%, 11/25/33		812
	1,545	Series 2003-K, Class 1A2, VAR, 4.447%, 11/25/33		1,567
	408	Series 2004-2, Class APO, PO, 01/25/19		347
	665	Series 2004-7, Class 2A1, 4.500%, 07/25/19		680
	648	Series 2004-7, Class 2A2, 5.000%, 07/25/19		667
	1,619	Series 2004-BB, Class A4, VAR, 2.746%, 01/25/35		1,604
	1,171	Series 2004-EE, Class 2A1, VAR, 2.823%, 12/25/34		1,124
	1,226	Series 2004-EE, Class 3A1, VAR, 2.920%, 12/25/34		1,205
	2,414	Series 2004-P, Class 2A1, VAR, 2.908%, 09/25/34		2,352
	1,208	Series 2004-V, Class 1A1, VAR, 2.835%, 10/25/34		1,197
	1,008	Series 2005-1, Class 2A1, 5.000%, 01/25/20		1,038
	308	Series 2005-13, Class APO, PO, 11/25/20		258
	842	Series 2005-16, Class APO, PO, 01/25/36		592
	672	Series 2005-AR16, Class 2A1, VAR, 2.757%, 10/25/35		613
	651	Series 2005-AR8, Class 2A1, VAR, 2.819%, 06/25/35		634
	1,410	Series 2006-2, Class APO, PO, 03/25/36		909
	1,054	Series 2006-4, Class 1APO, PO, 04/25/36		742
	2,500	Series 2007-7, Class A7, 6.000%, 06/25/37		2,439
	764	Series 2007-11, Class A14, 6.000%, 08/25/37		712
				400,515
		Total Collateralized Mortgage Obligations (Cost $1,163,611)		1,249,928
	Commercial Mortgage-Backed Securities — 1.9%
		Banc of America Commercial Mortgage, Inc.,
	400	Series 2005-3, Class A4, 4.668%, 07/10/43		429
	1,610	Series 2005-3, Class AM, 4.727%, 07/10/43		1,657
	4,080	Series 2005-6, Class ASB, VAR, 5.195%, 09/10/47		4,321
	265	Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		289
	2,250	Series 2006-4, Class A4, 5.634%, 07/10/46		2,480
	250	Series 2006-5, Class A4, 5.414%, 09/10/47		271
		Bear Stearns Commercial Mortgage Securities,
	19	Series 2002-PBW1, Class A1, VAR, 3.970%, 11/11/35		19
	46,687	Series 2005-PWR8, Class X1, IO, VAR, 0.191%, 06/11/41 (e)		729
	1,838	Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		1,911

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	3,148	Series 2006-PW11, Class A4, VAR, 5.452%, 03/11/39		3,482
	851	Series 2006-PW14, Class A1, 5.044%, 12/11/38		856
		Citigroup Commercial Mortgage Trust,
	1,200	Series 2005-C3, Class AM, VAR, 4.830%, 05/15/43		1,238
	308	Series 2006-C4, Class A1, VAR, 5.729%, 03/15/49		308
	1,100	Commercial Mortgage Pass Through Certificates, Series 2005- LP5, Class A4, VAR, 4.982%, 05/10/43		1,195
	29,912	CW Capital Cobalt Ltd., Series 2006-C1, Class IO, IO, VAR, 0.724%, 08/15/48		738
	3,271	FDIC Structured Sale Guaranteed Notes, Series 2010-C1, Class A, 2.980%, 12/06/20 (e)		3,331
	1,856	GE Capital Commercial Mortgage Corp., Series 2005-C1, Class AJ, VAR, 4.826%, 06/10/48		1,885
	4,025	GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		4,370
	500	Greenwich Capital Commercial Funding Corp., Series 2005-GG3, Class AJ, VAR, 4.859%, 08/10/42		509
		GS Mortgage Securities Corp. II,
	1,825	Series 2004-GG2, Class A6, VAR, 5.396%, 08/10/38		1,988
	770	Series 2006-GG6, Class A4, VAR, 5.553%, 04/10/38		839
	1,000	Series 2009-RR1, Class JPB, 5.374%, 05/17/45 (e)		1,063
	1,000	JP Morgan Chase Commercial Mortgage Securities Corp., Series 2005-CB11, Class AJ, VAR, 5.457%, 08/12/37		1,031
		LB-UBS Commercial Mortgage Trust,
	1,000	Series 2006-C1, Class A4, 5.156%, 02/15/31		1,090
	51,377	Series 2006-C7, Class XW, IO, VAR, 0.714%, 11/15/38 (e)		1,317
		Merrill Lynch Mortgage Trust,
	3,105	Series 2005-LC1, Class A4, VAR, 5.291%, 01/12/44		3,397
	2,695	Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		2,818
		Merrill Lynch/Countrywide Commercial Mortgage Trust,
	3,207	Series 2006-1, Class A4, VAR, 5.432%, 02/12/39		3,528
	38,504	Series 2006-4, Class XC, IO, VAR, 0.222%, 12/12/49 (e)		516
	1,011	Morgan Stanley, 3.000%, 07/17/56		1,012
	3,000	Morgan Stanley Reremic Trust, Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		3,193
	5,545	TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.983%, 08/15/39		6,078
	2,988	Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A2, 4.039%, 10/15/41		2,989
		Total Commercial Mortgage- Backed Securities (Cost $55,890)		60,877
	Corporate Bonds — 16.7%
	Consumer Discretionary — 1.2%
		Auto Components — 0.0% (g)
	665	Johnson Controls, Inc., 4.250%, 03/01/21		678
		Automobiles — 0.1%
	1,000	Daimler Finance North America LLC, 6.500%, 11/15/13		1,121
		Hotels, Restaurants & Leisure — 0.0% (g)
	400	McDonald’s Corp., 4.300%, 03/01/13		424
		Household Durables — 0.0% (g)
	500	Newell Rubbermaid, Inc., 4.700%, 08/15/20		509
		Media — 0.9%
		CBS Corp.,
	140	5.500%, 05/15/33		135
	252	5.750%, 04/15/20		276
	1,000	7.875%, 07/30/30		1,212
	190	8.875%, 05/15/19		245
	250	Comcast Cable Communications Holdings, Inc., 9.455%, 11/15/22		352
	624	Comcast Cable Communications LLC, 7.125%, 06/15/13		696
	2,790	Comcast Cable Holdings LLC, 9.800%, 02/01/12		2,957
		Comcast Corp.,
	1,000	5.300%, 01/15/14		1,101
	1,845	5.900%, 03/15/16		2,101
	400	6.450%, 03/15/37		435
	400	6.500%, 11/15/35		440
	740	Comcast Holdings Corp., 10.625%, 07/15/12		820
		Cox Communications, Inc.,
	505	5.450%, 12/15/14		564
	125	8.375%, 03/01/39 (e)		171
	450	Cox Enterprises, Inc., 7.375%, 07/15/27 (e)		513
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	1,000	4.600%, 02/15/21		1,012
	772	5.000%, 03/01/21		803
	2,000	6.000%, 08/15/40		2,051
	1,177	Historic TW, Inc., 9.150%, 02/01/23		1,583

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Media — Continued
	800	NBC Universal, Inc., 5.950%, 04/01/41 (e)		823
		News America, Inc.,
	100	6.200%, 12/15/34		104
	250	6.900%, 08/15/39		282
	1,075	7.300%, 04/30/28		1,218
	500	8.000%, 10/17/16		616
	355	8.875%, 04/26/23		477
		Thomson Reuters Corp., (Canada),
	315	4.700%, 10/15/19		336
	493	5.950%, 07/15/13		542
		Time Warner Cable, Inc.,
	2,127	5.850%, 05/01/17		2,380
	800	8.250%, 04/01/19		1,001
		Time Warner Entertainment Co. LP,
	120	8.375%, 03/15/23		153
	872	10.150%, 05/01/12		945
	1,250	Time Warner Entertainment Co., LP, 8.375%, 07/15/33		1,611
		Time Warner, Inc.,
	525	4.750%, 03/29/21		535
	150	6.200%, 03/15/40		156
	437	6.250%, 03/29/41		457
	200	7.625%, 04/15/31		241
	171	7.700%, 05/01/32		209
				29,553
		Multiline Retail — 0.1%
	275	Kohl’s Corp., 6.250%, 12/15/17		325
		Target Corp.,
	200	6.000%, 01/15/18		235
	800	7.000%, 01/15/38		985
				1,545
		Specialty Retail — 0.1%
	1,625	Home Depot, Inc., 5.400%, 03/01/16		1,832
	750	Lowe’s Cos., Inc., 7.110%, 05/15/37		937
	590	Staples, Inc., 9.750%, 01/15/14		707
				3,476
		Total Consumer Discretionary		37,306
	Consumer Staples — 0.8%
		Beverages — 0.2%
		Anheuser-Busch Cos., Inc.,
	600	5.500%, 01/15/18		677
	905	5.750%, 04/01/36		969
	515	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		658
		Coca-Cola Co. (The),
	500	3.625%, 03/15/14		537
	410	4.875%, 03/15/19		458
	300	Coca-Cola Refreshments USA, Inc., 8.500%, 02/01/12		316
	510	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		541
		Diageo Finance B.V., (Netherlands),
	800	5.300%, 10/28/15		902
	500	5.500%, 04/01/13		541
	890	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		972
	54	PepsiCo, Inc., 7.900%, 11/01/18		70
	250	SABMiller plc, (United Kingdom), 6.500%, 07/01/16 (e)		291
				6,932
		Food & Staples Retailing — 0.2%
		CVS Caremark Corp.,
	979	5.750%, 05/15/41		970
	250	6.125%, 09/15/39		261
		Kroger Co. (The),
	850	7.500%, 01/15/14		972
	1,460	7.500%, 04/01/31		1,804
		Wal-Mart Stores, Inc.,
	420	4.550%, 05/01/13		451
	752	5.250%, 09/01/35		760
	215	6.200%, 04/15/38		242
	350	7.550%, 02/15/30		459
				5,919
		Food Products — 0.3%
		Bunge Ltd. Finance Corp.,
	165	5.875%, 05/15/13		178
	1,295	8.500%, 06/15/19		1,590
	191	Bunge N.A. Finance LP, 5.900%, 04/01/17		210
		Cargill, Inc.,
	535	4.307%, 05/14/21 (e)		544
	850	7.350%, 03/06/19 (e)		1,051
	232	General Mills, Inc., 6.000%, 02/15/12		241
		Kellogg Co.,
	462	4.250%, 03/06/13		488
	1,200	5.125%, 12/03/12		1,278
		Kraft Foods, Inc.,
	1,450	6.125%, 02/01/18		1,668
	1,135	6.500%, 08/11/17		1,332
	345	6.750%, 02/19/14		392
	600	6.875%, 02/01/38		703
	500	6.875%, 01/26/39		585
	350	7.000%, 08/11/37		413
				10,673
		Household Products — 0.1%
	66	Kimberly-Clark Corp., 7.500%, 11/01/18		83
	969	Procter & Gamble - ESOP, 9.360%, 01/01/21		1,255
	110	Procter & Gamble Co., 5.500%, 02/01/34		122
				1,460
		Total Consumer Staples		24,984
	Energy — 0.8%
		Energy Equipment & Services — 0.1%
	1,555	Halliburton Co., 7.450%, 09/15/39		2,012
	900	Transocean, Inc., (Cayman Islands), 6.500%, 11/15/20		1,020
				3,032

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Energy Equipment & Services — Continued
	150	Alberta Energy Co. Ltd., (Canada), 7.375%, 11/01/31		182
		Anadarko Petroleum Corp.,
	125	5.750%, 06/15/14		139
	2,000	7.625%, 03/15/14		2,306
	265	8.700%, 03/15/19		341
	500	Apache Corp., 6.900%, 09/15/18		613
	1,000	Canadian Natural Resources Ltd., (Canada), 6.750%, 02/01/39		1,188
	1,000	Chevron Corp., 4.950%, 03/03/19		1,122
	405	Conoco Funding Co., (Canada), 7.250%, 10/15/31		511
		ConocoPhillips,
	200	5.200%, 05/15/18		226
	450	5.750%, 02/01/19		525
	150	6.000%, 01/15/20		177
	200	6.500%, 02/01/39		239
	105	Devon Financing Corp. ULC, (Canada), 6.875%, 09/30/11		107
	645	EnCana Corp., (Canada), 6.500%, 05/15/19		778
	925	ENI S.p.A., (Italy), 5.700%, 10/01/40 (e)		918
	600	EOG Resources, Inc., 4.100%, 02/01/21		600
	200	Kerr-McGee Corp., 6.950%, 07/01/24		231
		Marathon Oil Corp.,
	819	5.900%, 03/15/18		942
	1,535	6.000%, 10/01/17		1,776
		Petro-Canada, (Canada),
	324	6.050%, 05/15/18		372
	1,045	6.800%, 05/15/38		1,219
		Shell International Finance B.V., (Netherlands),
	270	1.875%, 03/25/13		276
	275	4.000%, 03/21/14		296
	1,000	4.300%, 09/22/19		1,054
	1,005	4.375%, 03/25/20		1,069
	1,230	6.375%, 12/15/38		1,470
	467	Statoil ASA, (Norway), 3.125%, 08/17/17		473
	250	Suncor Energy, Inc., (Canada), 6.850%, 06/01/39		293
	125	Talisman Energy, Inc., (Canada), 7.750%, 06/01/19		156
	400	Tosco Corp., 8.125%, 02/15/30		534
		Total Capital S.A., (France),
	1,400	2.300%, 03/15/16		1,403
	370	4.125%, 01/28/21		380
	2,000	XTO Energy, Inc., 5.750%, 12/15/13		2,250
				24,166
		Total Energy		27,198
	Financials — 9.2%
		Capital Markets — 2.1%
		Bank of New York Mellon Corp. (The),
	900	2.950%, 06/18/15		933
	750	4.600%, 01/15/20		798
	310	5.125%, 08/27/13		338
		BlackRock, Inc.,
	540	3.500%, 12/10/14		572
	652	5.000%, 12/10/19		703
	350	6.250%, 09/15/17		413
	1,500	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		1,514
	250	Charles Schwab Corp. (The), 4.950%, 06/01/14		275
		Credit Suisse USA, Inc.,
	500	5.125%, 08/15/15		554
	5,022	6.125%, 11/15/11		5,150
	500	FMR LLC, 6.450%, 11/15/39 (e)		519
		Goldman Sachs Group, Inc. (The),
	3,060	3.625%, 02/07/16		3,069
	492	3.700%, 08/01/15		500
	1,041	4.750%, 07/15/13		1,107
	2,638	5.250%, 10/15/13		2,839
	1,040	5.375%, 03/15/20		1,072
	750	5.500%, 11/15/14		820
	4,100	5.950%, 01/18/18		4,441
	1,094	6.000%, 06/15/20		1,176
	305	6.250%, 09/01/17		337
	485	6.750%, 10/01/37		487
	2,325	7.500%, 02/15/19		2,725
		Jefferies Group, Inc.,
	450	3.875%, 11/09/15		459
	1,005	5.125%, 04/13/18		1,017
	1,000	6.450%, 06/08/27		1,019
	550	8.500%, 07/15/19		667
		Lehman Brothers Holdings, Inc.,
	105	3.950%, 11/10/09 (d)		27
	1,246	4.800%, 03/13/14 (d)		324
	1,000	5.500%, 04/04/16 (d)		260
	1,200	5.750%, 05/17/13 (d)		312
	1,850	6.000%, 07/19/12 (d)		481
	1,670	6.625%, 01/18/12 (d)		434
	152	7.875%, 11/01/09 (d)		40
		Macquarie Group Ltd., (Australia),
	1,400	6.250%, 01/14/21 (e)		1,446
	750	7.300%, 08/01/14 (e)		852
		Merrill Lynch & Co., Inc.,
	2,215	5.450%, 07/15/14		2,401
	920	5.700%, 05/02/17		970
	1,702	6.150%, 04/25/13		1,846
	2,496	6.400%, 08/28/17		2,800
	1,249	6.875%, 04/25/18		1,423
		Morgan Stanley,
	625	4.000%, 07/24/15		647
	893	4.200%, 11/20/14		937
	2,029	4.750%, 04/01/14		2,139
	4,225	5.300%, 03/01/13		4,503
	1,000	5.450%, 01/09/17		1,078
	1,021	5.500%, 07/24/20		1,051

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Capital Markets — Continued
	665	5.625%, 09/23/19		704
	900	5.750%, 08/31/12		951
	1,200	6.000%, 05/13/14		1,317
	400	6.625%, 04/01/18		450
	370	6.750%, 10/15/13		408
	820	7.300%, 05/13/19		944
		Nomura Holdings, Inc., (Japan),
	1,250	4.125%, 01/19/16		1,273
	150	5.000%, 03/04/15		159
	1,150	6.700%, 03/04/20		1,280
	226	Northern Trust Corp., 5.500%, 08/15/13		249
		UBS AG, (Switzerland),
	414	2.250%, 08/12/13		421
	2,300	3.875%, 01/15/15		2,430
	365	4.875%, 08/04/20		382
	500	5.750%, 04/25/18		556
	425	5.875%, 12/20/17		481
				69,480
		Commercial Banks — 2.4%
	550	ANZ National (International) Ltd., (New Zealand), 2.375%, 12/21/12 (e)		559
		Australia & New Zealand Banking Group Ltd., (Australia),
	900	3.250%, 03/01/16 (e)		914
	228	4.875%, 01/12/21 (e)		234
		Bank of Nova Scotia, (Canada),
	1,034	1.650%, 10/29/15 (e)		1,021
	737	3.400%, 01/22/15		776
	679	Bank of Tokyo-Mitsubishi UFJ Ltd., (Japan), 3.850%, 01/22/15 (e)		713
		Barclays Bank plc, (United Kingdom),
	2,650	2.500%, 01/23/13		2,711
	800	2.500%, 09/21/15 (e)		799
	935	3.900%, 04/07/15		984
	175	5.000%, 09/22/16		189
	700	5.200%, 07/10/14		766
	1,000	6.050%, 12/04/17 (e)		1,078
		BB&T Corp.,
	1,020	2.050%, 04/28/14		1,032
	865	3.375%, 09/25/13		905
	1,450	3.850%, 07/27/12		1,500
	750	3.950%, 04/29/16		793
	740	4.900%, 06/30/17		798
	245	6.850%, 04/30/19		294
	695	Branch Banking & Trust Co., 5.625%, 09/15/16		784
	5,000	Canadian Imperial Bank of Commerce, (Canada), 2.600%, 07/02/15 (e)		5,159
	260	Comerica, Inc., 3.000%, 09/16/15		264
		Credit Suisse, (Switzerland),
	500	3.450%, 07/02/12		515
	451	4.375%, 08/05/20		457
	942	5.000%, 05/15/13		1,011
	160	5.300%, 08/13/19		175
	675	Credit Suisse AG, (Switzerland), 5.400%, 01/14/20		708
		Deutsche Bank AG, (Germany),
	650	3.250%, 01/11/16		667
	970	3.875%, 08/18/14		1,031
	1,211	DnB NOR Boligkreditt AS, (Norway), 2.100%, 10/14/15 (e)		1,200
	720	Fifth Third Bancorp, 5.450%, 01/15/17		776
		HSBC Bank plc, (United Kingdom),
	1,438	3.100%, 05/24/16 (e)		1,442
	666	4.125%, 08/12/20 (e)		653
	575	4.750%, 01/19/21 (e)		589
	556	HSBC Holdings plc, (United Kingdom), 5.100%, 04/05/21		579
	2,400	KeyBank N.A., 5.500%, 09/17/12		2,526
	480	KeyCorp, 6.500%, 05/14/13		524
	2,100	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		2,426
		National Australia Bank Ltd., (Australia),
	3,000	2.500%, 01/08/13 (e)		3,065
	750	2.750%, 09/28/15 (e)		753
	795	3.750%, 03/02/15 (e)		835
	1,353	National Bank of Canada, (Canada), 1.650%, 01/30/14 (e)		1,373
	250	National City Bank, 5.800%, 06/07/17		281
		Nordea Bank AB, (Sweden),
	600	1.750%, 10/04/13 (e)		603
	945	4.875%, 05/13/21 (e)		943
	400	PNC Bank N.A., 6.875%, 04/01/18		476
		PNC Funding Corp.,
	567	4.375%, 08/11/20		583
	940	5.250%, 11/15/15		1,028
	950	5.625%, 02/01/17		1,053
	565	6.700%, 06/10/19		673
		Rabobank Nederland N.V., (Netherlands),
	140	2.125%, 10/13/15		139
	2,400	3.200%, 03/11/15 (e)		2,487
		SunTrust Banks, Inc.,
	2,010	5.250%, 11/05/12		2,117
	820	6.000%, 09/11/17		918
	1,140	Toronto-Dominion Bank (The), (Canada), 2.200%, 07/29/15 (e)		1,159
		U.S. Bancorp,
	645	2.000%, 06/14/13		659
	566	4.125%, 05/24/21		568
	1,107	7.500%, 06/01/26		1,390
		Wachovia Bank N.A.,
	1,000	5.600%, 03/15/16		1,113
	250	6.000%, 11/15/17		285
	1,125	6.600%, 01/15/38		1,298
		Wachovia Corp.,
	685	4.875%, 02/15/14		737
	2,000	5.500%, 05/01/13		2,162

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Commercial Banks — Continued
	4,480	5.750%, 02/01/18		5,040
		Wells Fargo & Co.,
	1,000	3.676%, 06/15/16		1,039
	2,135	5.625%, 12/11/17		2,401
		Wells Fargo Bank N.A.,
	915	4.750%, 02/09/15		989
	250	5.750%, 05/16/16		281
		Westpac Banking Corp., (Australia),
	900	4.200%, 02/27/15		960
	2,105	4.875%, 11/19/19		2,230
				77,190
		Consumer Finance — 0.6%
		American Express Credit Corp.,
	2,140	5.875%, 05/02/13		2,316
	400	7.300%, 08/20/13		448
	1,083	American General Finance Corp., 5.375%, 10/01/12		1,088
	405	American Honda Finance Corp., 2.375%, 03/18/13 (e)		413
	500	Capital One Bank USA N.A., 8.800%, 07/15/19		643
		Capital One Financial Corp.,
	850	5.700%, 09/15/11		863
	1,900	6.250%, 11/15/13		2,103
	665	6.750%, 09/15/17		795
	240	7.375%, 05/23/14		279
		HSBC Finance Corp.,
	1,000	4.750%, 07/15/13		1,068
	1,748	5.000%, 06/30/15		1,912
	2,200	5.250%, 01/15/14		2,391
	512	6.375%, 10/15/11		523
	188	6.375%, 11/27/12		203
	1,665	7.000%, 05/15/12		1,763
	207	7.350%, 11/27/32		218
		John Deere Capital Corp.,
	265	4.500%, 04/03/13		283
	1,000	5.250%, 10/01/12		1,059
	1,023	SLM Corp., 5.375%, 01/15/13		1,072
	962	Toyota Motor Credit Corp., 3.200%, 06/17/15		1,001
	331	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		334
				20,775
		Diversified Financial Services — 2.4%
	1,900	Associates Corp. of North America, 6.950%, 11/01/18		2,167
	2,200	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		2,299
		Bank of America Corp.,
	520	3.625%, 03/17/16		525
	300	4.900%, 05/01/13		318
	925	5.000%, 05/13/21		923
	2,720	5.625%, 10/14/16		2,970
	145	5.650%, 05/01/18		155
	1,510	5.750%, 08/15/16		1,623
	420	5.750%, 12/01/17		455
	600	7.625%, 06/01/19		713
	1,455	Bank of America N.A., 5.300%, 03/15/17		1,538
		BP Capital Markets plc, (United Kingdom),
	700	3.125%, 03/10/12		713
	900	4.742%, 03/11/21		932
	2,122	5.250%, 11/07/13		2,304
	725	Caisse Centrale Desjardins du Quebec, (Canada), 2.550%, 03/24/16 (e)		740
		Caterpillar Financial Services Corp.,
	665	4.900%, 08/15/13		719
	560	5.500%, 03/15/16		642
	1,300	6.200%, 09/30/13		1,453
	305	7.050%, 10/01/18		378
	510	7.150%, 02/15/19		637
		Citigroup, Inc.,
	200	4.587%, 12/15/15		213
	856	4.700%, 05/29/15		910
	222	4.750%, 05/19/15		238
	3,127	5.000%, 09/15/14		3,321
	2,025	5.125%, 05/05/14		2,187
	1,000	5.375%, 08/09/20		1,054
	600	5.500%, 04/11/13		642
	150	6.000%, 12/13/13		165
	2,150	6.000%, 08/15/17		2,401
	755	6.010%, 01/15/15		837
	350	6.125%, 11/21/17		394
	510	6.375%, 08/12/14		571
	400	8.125%, 07/15/39		521
	1,130	8.500%, 05/22/19		1,419
		CME Group, Inc.,
	3,176	5.400%, 08/01/13		3,463
	100	5.750%, 02/15/14		111
	1,045	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		1,213
	200	Diageo Investment Corp., 9.000%, 08/15/11		203
		ERAC USA Finance LLC,
	154	2.250%, 01/10/14 (e)		156
	559	4.500%, 08/16/21 (e)		560
	561	FUEL Trust, 4.207%, 04/15/16 (e)		576
		General Electric Capital Corp.,
	5,825	5.250%, 10/19/12		6,176
	191	5.300%, 02/11/21		201
	2,500	5.400%, 02/15/17		2,776
	5,055	5.625%, 05/01/18		5,589
	1,000	5.650%, 06/09/14		1,110
	7,000	5.875%, 02/15/12		7,267
	310	5.875%, 01/14/38		322
	6,912	6.000%, 06/15/12		7,301
	2,094	6.750%, 03/15/32		2,393
		National Rural Utilities Cooperative Finance Corp.,
	225	2.625%, 09/16/12		231
	635	4.750%, 03/01/14		693
	200	10.375%, 11/01/18		279

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Financial Services — Continued
	640	Textron Financial Corp., 5.400%, 04/28/13		680
				78,377
		Insurance — 1.4%
		ACE INA Holdings, Inc.,
	455	2.600%, 11/23/15		458
	350	5.600%, 05/15/15		392
		Aflac, Inc.,
	317	6.450%, 08/15/40		326
	200	8.500%, 05/15/19		248
	1,012	Allstate Life Global Funding Trusts, 5.375%, 04/30/13		1,095
		American International Group, Inc.,
	1,499	4.250%, 05/15/13		1,555
	2,960	5.450%, 05/18/17		3,101
		AON Corp.,
	402	3.125%, 05/27/16		404
	336	3.500%, 09/30/15		347
	306	6.250%, 09/30/40		329
	2,185	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		2,294
		Berkshire Hathaway Finance Corp.,
	233	2.450%, 12/15/15		236
	1,250	4.000%, 04/15/12		1,288
	1,000	4.600%, 05/15/13		1,071
	605	5.000%, 08/15/13		659
	1,505	5.400%, 05/15/18		1,688
	100	Chubb Corp. (The), 5.750%, 05/15/18		114
		CNA Financial Corp.,
	750	5.850%, 12/15/14		816
	781	5.875%, 08/15/20		837
		Jackson National Life Global Funding,
	820	5.375%, 05/08/13 (e)		880
	1,695	6.125%, 05/30/12 (e)		1,784
		MassMutual Global Funding II,
	540	2.300%, 09/28/15 (e)		541
	338	2.875%, 04/21/14 (e)		354
	500	3.625%, 07/16/12 (e)		515
	920	MetLife Institutional Funding II, VAR, 1.201%, 04/04/14 (e)		923
	430	MetLife, Inc., 6.817%, 08/15/18		510
		Metropolitan Life Global Funding I,
	1,150	2.000%, 01/10/14 (e)		1,157
	1,250	2.875%, 09/17/12 (e)		1,282
	400	3.125%, 01/11/16 (e)		406
	300	5.125%, 04/10/13 (e)		320
	1,093	5.200%, 09/18/13 (e)		1,191
	250	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		267
	467	Nationwide Financial Services, 6.250%, 11/15/11		479
	650	Nationwide Mutual Insurance Co., 9.375%, 08/15/39 (e)		838
		New York Life Global Funding,
	725	4.650%, 05/09/13 (e)		778
	2,637	5.375%, 09/15/13 (e)		2,886
		Pacific Life Global Funding,
	650	5.000%, 05/15/17 (e)		684
	410	5.150%, 04/15/13 (e)		436
	200	Pacific Life Insurance Co., 9.250%, 06/15/39 (e)		273
	2,100	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		2,305
		Principal Life Global Funding I,
	500	5.050%, 03/15/15 (e)		539
	4,549	6.250%, 02/15/12 (e)		4,728
		Principal Life Income Funding Trusts,
	290	5.150%, 06/17/11		291
	215	5.300%, 12/14/12		229
	210	Travelers Cos, Inc. (The), 5.800%, 05/15/18		237
	1,120	Travelers Life & Annunity Global Funding I, 5.125%, 08/15/14 (e)		1,241
	300	Travelers Property Casualty Corp., 5.000%, 03/15/13		321
				43,653
		Real Estate Investment Trusts (REITs) — 0.2%
		CommonWealth REIT,
	600	5.875%, 09/15/20		633
	1,325	6.650%, 01/15/18		1,495
	895	HCP, Inc., 5.375%, 02/01/21		939
		Simon Property Group LP,
	32	4.200%, 02/01/15		35
	200	4.375%, 03/01/21		201
	705	5.625%, 08/15/14		789
	665	6.100%, 05/01/16		766
	320	6.125%, 05/30/18		366
	330	6.750%, 05/15/14		375
	1,236	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		1,440
				7,039
		Thrifts & Mortgage Finance — 0.1%
	400	Countrywide Financial Corp., 6.250%, 05/15/16		435
	1,463	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		1,472
				1,907
		Total Financials		298,421
	Health Care — 0.2%
		Biotechnology — 0.1%
		Amgen, Inc.,
	237	4.500%, 03/15/20		249
	500	4.950%, 10/01/41		471
	570	5.700%, 02/01/19		653
	720	5.750%, 03/15/40		763
				2,136
		Health Care Equipment & Supplies — 0.0% (g)
		Baxter International, Inc.,
	380	4.000%, 03/01/14		409
	215	4.625%, 03/15/15		238

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Health Care Equipment & Supplies — Continued
	100	Becton Dickinson and Co., 5.000%, 05/15/19		110
				757
		Health Care Providers & Services — 0.0%(g)
	370	Medco Health Solutions, Inc., 2.750%, 09/15/15		374
		WellPoint, Inc.,
	168	5.875%, 06/15/17		194
	113	7.000%, 02/15/19		137
				705
		Pharmaceuticals — 0.1%
	250	Abbott Laboratories, 6.150%, 11/30/37		286
	645	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		724
	450	Eli Lilly & Co., 3.550%, 03/06/12		461
		GlaxoSmithKline Capital, Inc.,
	450	4.375%, 04/15/14		490
	750	5.650%, 05/15/18		860
	530	6.375%, 05/15/38		623
	650	Merck & Co., Inc., 6.000%, 09/15/17		771
				4,215
		Total Health Care		7,813
	Industrials — 0.6%
		Aerospace & Defense — 0.1%
	300	Honeywell International, Inc., 5.300%, 03/01/18		342
	1,144	Lockheed Martin Corp., 5.720%, 06/01/40 (e)		1,222
	102	Systems 2001 AT LLC, (Cayman Islands) , 7.156%, 12/15/11 (e)		104
				1,668
		Airlines — 0.1%
	262	American Airlines, 2011-1 Class A Pass-Through Trust, 5.250%, 01/31/21		255
	279	Continental Airlines, 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		300
	474	Continental Airlines, 2007-1 Class A Pass-Through Trust, 5.983%, 04/19/22		487
	646	Delta Air Lines, 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		646
	243	Delta Air Lines, 2011-1 Class A Pass-Through Trust, 5.300%, 04/15/19		243
				1,931
		Building Products — 0.0% (g)
	205	Masco Corp., 5.850%, 03/15/17		210
		Commercial Services & Supplies — 0.1%
	725	Allied Waste North America, Inc., 6.875%, 06/01/17		788
		Pitney Bowes, Inc.,
	565	4.875%, 08/15/14		609
	1,020	5.000%, 03/15/15		1,109
	200	5.600%, 03/15/18		217
		Waste Management, Inc.,
	214	4.750%, 06/30/20		224
	455	7.375%, 03/11/19		560
				3,507
		Industrial Conglomerates — 0.0% (g)
	130	Koninklijke Philips Electronics N.V., (Netherlands), 7.200%, 06/01/26		157
	300	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		346
	500	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		636
				1,139
		Machinery — 0.0% (g)
	500	Eaton Corp., 5.600%, 05/15/18		572
	290	Ingersoll-Rand Co., (Bermuda), 6.391%, 11/15/27		328
	125	PACCAR, Inc., 6.375%, 02/15/12		130
	135	Parker Hannifin Corp., 5.500%, 05/15/18		155
				1,185
		Road & Rail — 0.3%
		Burlington Northern Santa Fe LLC,
	125	3.600%, 09/01/20		122
	1,000	5.400%, 06/01/41		1,003
	500	5.650%, 05/01/17		570
	250	5.750%, 03/15/18		286
	425	5.750%, 05/01/40		446
	250	6.700%, 08/01/28		286
	200	6.750%, 07/15/11		201
	450	7.000%, 02/01/14		514
		CSX Corp.,
	300	4.250%, 06/01/21		300
	575	5.500%, 04/15/41		576
	145	6.250%, 04/01/15		168
	250	6.300%, 03/15/12		261
	205	7.375%, 02/01/19		252
	350	ERAC USA Finance LLC, 6.375%, 10/15/17 (e)		405
		Norfolk Southern Corp.,
	526	6.000%, 05/23/11		533
	355	7.700%, 05/15/17		446
	420	Ryder System, Inc., 3.600%, 03/01/16		434
		Union Pacific Corp.,
	235	4.875%, 01/15/15		259
	1,100	5.650%, 05/01/17		1,261
	600	5.700%, 08/15/18		689
		United Parcel Service of America, Inc.,
	340	8.375%, 04/01/20		463

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Road & Rail — Continued
	60	SUB, 8.375%, 04/01/30		82
				9,557
		Total Industrials		19,197
	Information Technology — 0.8%
		Communications Equipment — 0.1%
		Cisco Systems, Inc.,
	878	5.500%, 02/22/16		1,005
	350	5.500%, 01/15/40		359
	755	5.900%, 02/15/39		815
				2,179
		Computers & Peripherals — 0.4%
		Dell, Inc.,
	1,280	3.100%, 04/01/16		1,309
	250	4.625%, 04/01/21		256
	300	7.100%, 04/15/28		354
		Hewlett-Packard Co.,
	275	2.950%, 08/15/12		282
	600	4.300%, 06/01/21		605
	600	4.750%, 06/02/14		658
	1,345	5.400%, 03/01/17		1,533
	1,230	6.125%, 03/01/14		1,384
		International Business Machines Corp.,
	2,600	5.700%, 09/14/17		3,037
	690	6.220%, 08/01/27		818
	1,075	7.625%, 10/15/18		1,376
				11,612
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	170	3.375%, 11/01/15		173
	165	6.000%, 04/01/20		178
	1,080	6.875%, 07/01/13		1,180
	725	7.500%, 01/15/27		803
				2,334
		IT Services — 0.0% (g)
	1,020	HP Enterprise Services LLC, 6.000%, 08/01/13		1,127
		Office Electronics — 0.1%
		Xerox Corp.,
	270	4.500%, 05/15/21		270
	600	5.625%, 12/15/19		662
	550	6.750%, 02/01/17		647
	100	8.250%, 05/15/14		118
				1,697
		Semiconductors & Semiconductor Equipment — 0.0% (g)
	450	National Semiconductor Corp., 6.600%, 06/15/17		538
	750	Texas Instruments, Inc., 1.375%, 05/15/14		753
				1,291
		Software — 0.1%
	160	Intuit, Inc., 5.750%, 03/15/17		182
		Microsoft Corp.,
	720	1.625%, 09/25/15		715
	117	4.500%, 10/01/40		109
		Oracle Corp.,
	500	5.000%, 07/08/19		551
	1,412	5.250%, 01/15/16		1,600
	698	5.750%, 04/15/18		803
	465	6.500%, 04/15/38		550
				4,510
		Total Information Technology		24,750
	Materials — 0.4%
		Chemicals — 0.3%
	249	Air Products & Chemicals, Inc., 4.150%, 02/01/13		262
		Dow Chemical Co. (The),
	203	4.250%, 11/15/20		201
	1,250	6.000%, 10/01/12		1,331
	370	7.375%, 11/01/29		462
	158	8.550%, 05/15/19		206
		E.l. du Pont de Nemours & Co.,
	635	1.950%, 01/15/16		629
	350	4.900%, 01/15/41		343
	1,610	6.000%, 07/15/18		1,875
	1,430	Monsanto Co., 7.375%, 08/15/12		1,537
	875	Potash Corp. of Saskatchewan, Inc., (Canada), 4.875%, 03/01/13		932
		PPG Industries, Inc.,
	114	5.500%, 11/15/40		116
	415	5.750%, 03/15/13		447
	350	9.000%, 05/01/21		464
		Praxair, Inc.,
	662	4.625%, 03/30/15		732
	885	5.250%, 11/15/14		997
	350	Union Carbide Corp., 7.750%, 10/01/96		389
				10,923
		Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd., (Australia),
	410	5.400%, 03/29/17		470
	400	5.500%, 04/01/14		447
	550	6.500%, 04/01/19		666
	115	Rio Tinto Finance USA Ltd., (Australia), 3.500%, 11/02/20		111
				1,694
		Total Materials		12,617
	Telecommunication Services — 1.1%
		Diversified Telecommunication Services — 1.0%
	6	AT&T Corp., 8.000%, 11/15/31		8
		AT&T, Inc.,
	3,417	4.950%, 01/15/13		3,635
	386	5.100%, 09/15/14		427
	170	5.350%, 09/01/40		162
	250	5.500%, 02/01/18		279
	2,700	6.300%, 01/15/38		2,887
	1,373	BellSouth Corp., 5.200%, 09/15/14		1,523
		BellSouth Telecommunications, Inc.,
	1,073	6.300%, 12/15/15		1,150
	300	7.000%, 10/01/25		343

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Diversified Telecommunication Services — Continued
	2,500	British Telecommunications plc, (United Kingdom), 5.150%, 01/15/13		2,661
		Deutsche Telekom International Finance B.V., (Netherlands),
	1,150	4.875%, 07/08/14		1,259
	400	6.000%, 07/08/19		464
	105	8.750%, 06/15/30		144
	2,100	GTE Corp., 6.840%, 04/15/18		2,475
		Telecom Italia Capital S.A., (Luxembourg),
	1,400	4.950%, 09/30/14		1,482
	1,616	5.250%, 11/15/13		1,721
	750	6.999%, 06/04/18		840
		Telefonica Emisiones S.A.U., (Spain),
	316	5.462%, 02/16/21		328
	880	5.855%, 02/04/13		941
	515	5.877%, 07/15/19		556
	404	TELUS Corp., (Canada), 8.000%, 06/01/11		404
		Verizon Communications, Inc.,
	650	5.500%, 04/01/17		734
	443	5.550%, 02/15/16		499
	100	5.850%, 09/15/35		105
	1,250	7.350%, 04/01/39		1,545
	1,312	Verizon Florida LLC, 6.125%, 01/15/13		1,412
	350	Verizon Global Funding Corp., 7.750%, 12/01/30		444
	554	Verizon Maryland, Inc., 6.125%, 03/01/12		576
	1,444	Verizon Pennsylvania, Inc., 8.350%, 12/15/30		1,792
	962	Verizon Virginia, Inc., 4.625%, 03/15/13		1,017
				31,813
		Wireless Telecommunication Services — 0.1%
	500	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		552
	475	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		483
	1,130	Vodafone Group plc, (United Kingdom), 5.000%, 09/15/15		1,250
				2,285
		Total Telecommunication Services		34,098
	Utilities — 1.6%
		Electric Utilities — 1.2%
	222	Alabama Power Co., 6.125%, 05/15/38		254
		Carolina Power & Light Co.,
	888	5.125%, 09/15/13		970
	305	5.300%, 01/15/19		343
	1,421	CenterPoint Energy Houston Electric LLC, 5.750%, 01/15/14		1,578
	1,005	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		1,237
	310	Columbus Southern Power Co., 6.050%, 05/01/18		356
	831	Comision Federal de Electricidad, (Mexico), 4.875%, 05/26/21 (e)		826
	185	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		211
	596	Consolidated Edison Co. of New York, Inc., 5.700%, 06/15/40		649
		Duke Energy Carolinas LLC,
	650	5.100%, 04/15/18		726
	745	5.625%, 11/30/12		796
	728	6.250%, 01/15/12		754
	1,310	Duke Energy Indiana, Inc., 6.350%, 08/15/38		1,516
	950	Enel Finance International N.V., (Luxembourg), 5.125%, 10/07/19 (e)		991
		Exelon Generation Co. LLC,
	1,020	4.000%, 10/01/20		982
	229	5.750%, 10/01/41		223
		Florida Power & Light Co.,
	410	5.950%, 10/01/33		461
	335	5.950%, 02/01/38		380
		Florida Power Corp.,
	280	5.650%, 06/15/18		322
	220	6.400%, 06/15/38		261
		Georgia Power Co.,
	200	5.950%, 02/01/39		222
	225	6.000%, 11/01/13		250
	229	Great Plains Energy, Inc., 4.850%, 06/01/21		233
	100	Indiana Michigan Power Co., 7.000%, 03/15/19		120
	100	Jersey Central Power & Light Co., 7.350%, 02/01/19		123
	97	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		99
	105	MidAmerican Energy Co., 5.300%, 03/15/18		117
		Nevada Power Co.,
	55	5.375%, 09/15/40		55
	510	6.500%, 08/01/18		599
		NextEra Energy Capital Holdings, Inc.,
	255	5.350%, 06/15/13		273
	670	6.000%, 03/01/19		754
	265	7.875%, 12/15/15		320
	300	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		324
	500	Northern States Power Co., 6.250%, 06/01/36		592
	320	Ohio Power Co., 5.750%, 09/01/13		350
		Oncor Electric Delivery Co. LLC,
	200	5.950%, 09/01/13		219
	540	6.800%, 09/01/18		638
		Pacific Gas & Electric Co.,

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
		Electric Utilities — Continued
	780	5.625%, 11/30/17		888
	160	8.250%, 10/15/18		208
		PacifiCorp,
	175	5.500%, 01/15/19		199
	150	5.650%, 07/15/18		172
	100	Peco Energy Co., 5.350%, 03/01/18		112
	1,050	Potomac Electric Power Co., 6.500%, 11/15/37		1,261
	300	Progress Energy, Inc., 6.050%, 03/15/14		336
	772	PSEG Power LLC, 5.125%, 04/15/20		817
		Public Service Co. of Colorado,
	90	3.200%, 11/15/20		86
	125	5.800%, 08/01/18		144
	2,450	Public Service Co. of Oklahoma, 6.625%, 11/15/37		2,792
		Public Service Electric & Gas Co.,
	205	5.300%, 05/01/18		231
	277	5.375%, 11/01/39		289
	2,000	6.330%, 11/01/13		2,232
		Southern California Edison Co.,
	160	4.150%, 09/15/14		173
	765	5.500%, 08/15/18		877
	391	5.750%, 03/15/14		439
	200	5.950%, 02/01/38		226
	1,140	6.050%, 03/15/39		1,301
	250	Southern Co., 4.150%, 05/15/14		269
	570	Southwestern Public Service Co., 8.750%, 12/01/18		737
		Spectra Energy Capital LLC,
	1,605	5.500%, 03/01/14		1,762
	500	6.200%, 04/15/18		570
	400	8.000%, 10/01/19		499
		Virginia Electric and Power Co.,
	1,005	5.100%, 11/30/12		1,069
	1,320	5.400%, 04/30/18		1,490
	615	5.950%, 09/15/17		718
				39,021
		Gas Utilities — 0.2%
		AGL Capital Corp.,
	345	4.450%, 04/15/13		365
	691	5.875%, 03/15/41		722
		Atmos Energy Corp.,
	105	5.125%, 01/15/13		111
	250	8.500%, 03/15/19		319
	325	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		374
		TransCanada PipeLines Ltd., (Canada),
	975	4.000%, 06/15/13		1,030
	550	6.200%, 10/15/37		612
	250	6.500%, 08/15/18		297
	1,100	7.250%, 08/15/38		1,360
				5,190
		Multi-Utilities — 0.2%
		Dominion Resources, Inc.,
	782	6.250%, 06/30/12		826
	300	7.000%, 06/15/38		368
	600	8.875%, 01/15/19		783
	1,005	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		1,115
	375	PG&E Corp., 5.750%, 04/01/14		416
		Sempra Energy,
	1,145	6.150%, 06/15/18		1,313
	150	6.500%, 06/01/16		175
	850	8.900%, 11/15/13		987
	395	9.800%, 02/15/19		535
		Wisconsin Electric Power Co.,
	450	6.000%, 04/01/14		510
	265	6.250%, 12/01/15		311
				7,339
		Water Utilities — 0.0% (g)
	1,100	American Water Capital Corp., 6.085%, 10/15/17		1,271
		Total Utilities		52,821
		Total Corporate Bonds (Cost $506,516)		539,205
	Foreign Government Securities — 0.3%
	600	Province of Manitoba, (Canada), 2.125%, 04/22/13		616
		Province of Ontario, (Canada),
	700	2.700%, 06/16/15		729
	2,200	2.950%, 02/05/15		2,314
	377	Province of Quebec, (Canada), SUB, 7.365%, 03/06/26		503
		United Mexican States, (Mexico),
	1,432	6.375%, 01/16/13		1,546
	856	6.625%, 03/03/15		989
	3,328	7.500%, 04/08/33		4,185
		Total Foreign Government Securities (Cost $10,016)		10,882
	Mortgage Pass-Through Securities — 8.7%
		Federal Home Loan Mortgage Corp.,
	67	ARM, 2.234%, 07/01/19		70
	910	ARM, 2.480%, 12/01/33		954
	1,565	ARM, 2.510%, 04/01/34		1,638
	61	ARM, 2.513%, 04/01/30		64
	562	ARM, 2.628%, 02/01/36		590
	787	ARM, 2.818%, 12/01/34		829
	709	ARM, 3.879%, 11/01/36		746
	1,640	ARM, 5.062%, 07/01/36		1,747
	506	ARM, 5.547%, 05/01/36		538
	992	ARM, 5.801%, 10/01/36		1,049
	280	ARM, 5.865%, 02/01/37		296
	2,355	ARM, 6.019%, 11/01/36		2,523
	548	ARM, 6.161%, 12/01/36		580
	1,658	ARM, 6.219%, 03/01/37		1,747
	248	ARM, 6.437%, 10/01/36		261
	715	ARM, 6.675%, 10/01/36		749

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — Continued
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	2,528	4.000%, 06/01/13 - 05/01/19		2,658
	332	4.500%, 08/01/18		355
	1,070	5.000%, 12/01/18		1,155
	77	5.500%, 06/01/17		83
	117	6.000%, 04/01/18		128
	1,138	6.500%, 08/01/16 - 02/01/19		1,250
	205	7.000%, 01/01/17 - 04/01/17		214
	24	7.500%, 10/01/14 - 11/01/15		25
	21	8.500%, 11/01/15		24
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	266	6.000%, 12/01/22		293
	715	6.500%, 11/01/22		807
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	5,293	4.000%, 10/01/33 - 09/01/35		5,371
	5,749	5.000%, 09/01/34 - 08/01/40		6,146
	4,500	5.500%, 10/01/33 - 07/01/35		4,902
	759	6.000%, 12/01/33 - 01/01/34		846
	4,866	6.500%, 11/01/34 - 11/01/36		5,504
	1,026	7.000%, 07/01/32 - 10/01/36		1,180
	1,396	Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		1,661
		Federal Home Loan Mortgage Corp. Gold Pools, Other,
	901	5.500%, 10/01/33 - 01/01/34		966
	173	7.000%, 07/01/29		192
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	11	12.000%, 08/01/15 - 07/01/19		12
		Federal National Mortgage Association,
	231	ARM, 1.813%, 09/01/34		238
	1,441	ARM, 1.910%, 01/01/33		1,473
	2,206	ARM, 2.021%, 01/01/35		2,322
	2,292	ARM, 2.035%, 09/01/35		2,406
	679	ARM, 2.038%, 11/01/34		710
	24	ARM, 2.055%, 03/01/19		25
	1,279	ARM, 2.113%, 05/01/35		1,325
	496	ARM, 2.220%, 04/01/34		513
	1,133	ARM, 2.245%, 01/01/35		1,177
	648	ARM, 2.271%, 01/01/36		669
	385	ARM, 2.322%, 02/01/35		404
	353	ARM, 2.350%, 07/01/34		371
	95	ARM, 2.387%, 04/01/34		100
	393	ARM, 2.402%, 11/01/33		409
	1,660	ARM, 2.406%, 06/01/35		1,736
	303	ARM, 2.436%, 01/01/34		317
	885	ARM, 2.460%, 05/01/34		927
	283	ARM, 2.470%, 05/01/35		297
	2,957	ARM, 2.499%, 04/01/35		3,101
	558	ARM, 2.524%, 06/01/36		587
	1,241	ARM, 2.537%, 11/01/34		1,300
	172	ARM, 2.609%, 07/01/33		179
	1,303	ARM, 2.612%, 07/01/33		1,359
	303	ARM, 2.649%, 09/01/35		319
	1,139	ARM, 2.662%, 10/01/34		1,197
	821	ARM, 2.670%, 10/01/34		863
	583	ARM, 2.741%, 08/01/34		613
	463	ARM, 2.780%, 09/01/34		486
	11	ARM, 2.845%, 01/01/19		11
	762	ARM, 2.924%, 04/01/35		799
	1,084	ARM, 3.034%, 08/01/34		1,138
	830	ARM, 3.060%, 09/01/33		870
	150	ARM, 3.194%, 01/01/36		157
	128	ARM, 3.258%, 09/01/27		130
	215	ARM, 3.275%, 02/01/34		225
	125	ARM, 3.960%, 03/01/29		128
	1,582	ARM, 4.936%, 07/01/33		1,695
	596	ARM, 4.998%, 10/01/34		623
	957	ARM, 5.287%, 01/01/38		1,024
	1,455	ARM, 5.629%, 01/01/23		1,576
	886	ARM, 5.858%, 10/01/36		937
	1,005	ARM, 5.991%, 07/01/36		1,061
		Federal National Mortgage Association, 15 Year, Single Family,
	1,783	3.500%, 09/01/18 - 07/01/19		1,864
	19,647	4.000%, 07/01/18 - 12/01/18		20,797
	10,680	4.500%, 06/01/18 - 12/01/19		11,432
	1,294	5.000%, 12/01/16 - 10/01/19		1,397
	2,544	5.500%, 03/01/20 - 07/01/20		2,764
	13,583	6.000%, 06/01/16 - 01/01/24		14,881
	469	6.500%, 03/01/17 - 08/01/20		518
	542	7.000%, 03/01/17 - 09/01/17		597
	31	7.500%, 03/01/17		35
	25	8.000%, 11/01/12 - 11/01/15		26
		Federal National Mortgage Association, 20 Year, Single Family,
	486	4.500%, 04/01/24		519
	42	6.000%, 02/01/14		46
	2,566	6.500%, 05/01/22 - 04/01/25		2,878
		Federal National Mortgage Association, 30 Year, FHA/VA,
	136	6.000%, 09/01/33		151
	241	6.500%, 03/01/29		274
	54	7.000%, 02/01/33		63
	79	8.000%, 06/01/28		92
	64	9.000%, 05/01/18 - 12/01/25		74
		Federal National Mortgage Association, 30 Year, Single Family,
	1,526	4.500%, 11/01/33 - 02/01/35		1,603
	3,706	5.000%, 07/01/33 - 09/01/35		3,973
	3,172	5.500%, 09/01/31 - 03/01/34		3,495
	4,983	6.000%, 12/01/28 - 09/01/33		5,537
	2,608	6.500%, 11/01/29 - 08/01/31		2,963
	2,533	7.000%, 04/01/17 - 01/01/39		2,914
	1,247	7.500%, 08/01/36 - 11/01/37		1,438
	971	8.000%, 03/01/27 - 11/01/28		1,136
	2	9.000%, 04/01/26		2
	29	9.500%, 07/01/28		35
	14	12.500%, 01/01/16		14

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	Mortgage Pass-Through Securities — Continued
		Federal National Mortgage Association, Other,
	2,490	ARM, 6.070%, 11/01/18		2,744
	5,974	2.490%, 10/01/17		5,858
	7,000	2.690%, 10/01/17		6,940
	10,000	3.230%, 11/01/20		9,815
	2,000	3.290%, 10/01/20		1,973
	2,000	3.350%, 11/01/20		1,979
	2,000	3.390%, 08/01/17		2,050
	1,520	3.430%, 09/01/20		1,515
	7,819	3.505%, 09/01/20		7,834
	2,000	3.520%, 01/01/18		2,063
	1,983	3.540%, 10/01/20		1,988
	2,977	3.600%, 09/01/20		2,998
	3,000	3.680%, 09/01/20		3,039
	1,979	3.740%, 07/01/20		2,016
	1,540	3.870%, 01/01/21		1,573
	4,000	3.930%, 07/01/20 - 01/01/21		4,111
	2,956	3.950%, 07/01/20		3,037
	4,750	3.980%, 11/01/16		4,981
	1,657	4.000%, 09/01/13 - 11/01/33		1,660
	1,730	4.120%, 04/01/20		1,806
	4,485	4.130%, 11/01/19 - 07/01/20		4,677
	1,961	4.240%, 11/01/19		2,069
	2,096	4.290%, 06/01/20		2,209
	1,485	4.300%, 08/01/20		1,570
	1,500	4.350%, 04/01/20		1,588
	1,977	4.369%, 02/01/20		2,102
	2,000	4.400%, 02/01/20		2,116
	2,994	4.480%, 02/01/21		3,175
	699	4.500%, 11/01/14		741
	7,916	4.530%, 12/01/19		8,506
	4,426	4.540%, 01/01/20		4,744
	3,988	4.640%, 01/01/21		4,264
	870	5.500%, 03/01/17 - 09/01/33		942
	2,211	6.000%, 06/01/39		2,382
	1,146	6.500%, 01/01/36 - 07/01/36		1,295
	179	7.000%, 10/01/46		203
	145	10.890%, 04/15/19		164
		Government National Mortgage Association II, 30 Year, Single Family,
	668	4.500%, 08/20/33		712
	95	7.500%, 02/20/28 - 09/20/28		111
	145	8.000%, 12/20/25 - 09/20/28		171
	45	8.500%, 05/20/25		53
		Government National Mortgage Association, 15 Year, Single Family,
	155	6.500%, 06/15/17 - 12/15/17		170
	198	8.000%, 01/15/16		214
		Government National Mortgage Association, 30 Year, Single Family,
	481	6.500%, 03/15/28 - 04/15/33		548
	338	7.000%, 02/15/33 - 06/15/33		396
	95	7.500%, 11/15/22 - 11/15/31		111
	28	8.000%, 09/15/22 - 08/15/28		33
	5	9.000%, 12/15/16		6
	1,492	9.500%, 10/15/24		1,774
		Total Mortgage Pass-Through Securities (Cost $269,443)		282,494
	Illinois — 0.0% (g)
	140	State of Illinois, Taxable Pension, GO, 5.100%, 06/01/33		123
	New York — 0.1%
	350	New York State Dormitory Authority, State Personal Income Tax, Build America Bonds, Rev., 5.600%, 03/15/40		362
	1,815	Port Authority of New York & New Jersey, Rev., 5.647%, 11/01/40		1,886
				2,248
	Ohio — 0.0% (g)
	1,300	American Municipal Power, Inc., Build America Bonds, Series B, Rev., 7.499%, 02/15/50		1,501
		Total Municipal Bonds (Cost $3,600)		3,872
	Supranational — 0.0% (g)
	397	Corp. Andina de Fomento, 5.200%, 05/21/13 (Cost $400)		424
	U.S. Government Agency Securities — 0.7%
	1,000	Federal Farm Credit Bank, 5.125%, 11/15/18		1,152
	5,852	Federal Home Loan Bank, 4.720%, 09/20/12		6,124
		Federal National Mortgage Association,
	6,000	Zero Coupon, 06/01/17		5,139
	1,000	5.000%, 05/11/17		1,151
		Financing Corp. Fico,
	2,000	Zero Coupon, 04/05/19		1,571
	1,000	Zero Coupon, 09/26/19		765
	7,000	Residual Funding Corp., Principal STRIPS, Zero Coupon, 07/15/20		5,141
	300	Tennessee Valley Authority, 4.625%, 09/15/60		291
	2,000	Tennessee Valley Authority STRIP, Zero Coupon, 05/01/19		1,532
		Total U.S. Government Agency Securities (Cost $22,129)		22,866
	U.S. Treasury Obligations — 24.1%
		U.S. Treasury Bonds,
	750	5.375%, 02/15/31		899
	400	5.500%, 08/15/28		485
	750	6.125%, 11/15/27		968
	1,046	6.250%, 08/15/23		1,346
	300	6.250%, 05/15/30		396
	400	6.625%, 02/15/27		539
	500	7.125%, 02/15/23		686
	14,400	7.500%, 11/15/16		18,666

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE($)
	1,881	7.875%, 02/15/21		2,668
	8,325	8.125%, 08/15/19		11,746
	864	8.125%, 05/15/21		1,248
	2,125	8.500%, 02/15/20		3,082
	4,145	8.750%, 05/15/17		5,727
	1,000	8.750%, 05/15/20		1,474
	3,675	8.750%, 08/15/20		5,440
	29,585	8.875%, 08/15/17		41,391
	7,060	8.875%, 02/15/19		10,255
	3,169	9.875%, 11/15/15		4,335
	6,799	U.S. Treasury Inflation Indexed Bond, 3.625%, 04/15/28 (m)		12,348
		U.S. Treasury Inflation Indexed Notes,
	630	1.375%, 07/15/18		706
	1,000	2.000%, 01/15/14		1,314
		U.S. Treasury Notes,
	280	1.375%, 10/15/12		284
	220	1.375%, 11/15/12		224
	1,200	1.750%, 03/31/14		1,235
	1,500	1.875%, 02/28/14		1,548
	12,245	2.125%, 12/31/15		12,587
	1,500	2.375%, 10/31/14		1,571
	1,500	2.375%, 02/28/15		1,569
	15,500	2.625%, 07/31/14		16,356
	26,700	2.625%, 12/31/14		28,194
	4,575	2.625%, 04/30/16		4,788
	9,300	2.625%, 01/31/18		9,506
	14,570	2.750%, 05/31/17		15,152
	7,500	2.750%, 12/31/17		7,735
	1,425	2.875%, 03/31/18		1,475
	8,000	3.125%, 10/31/16		8,536
	6,015	3.125%, 04/30/17		6,389
	25,933	3.125%, 05/15/19		26,911
	12,850	3.250%, 12/31/16		13,773
	9,800	3.250%, 03/31/17		10,486
	1,000	3.500%, 02/15/18		1,078
	9,600	4.250%, 11/15/17		10,811
	2,290	4.500%, 05/15/17		2,611
	17,005	4.750%, 08/15/17		19,651
		U.S. Treasury STRIPS,
	10,155	02/15/13		10,089
	1,000	11/15/13		985
	35,278	02/15/14 (m)		34,599
	15,390	05/15/14 (m)		15,017
	24,565	08/15/14 (m)		23,841
	23,253	11/15/14 (m)		22,432
	8,500	02/15/15		8,157
	16,930	02/15/15 (m)		16,218
	3,626	05/15/15		3,449
	10,350	08/15/15		9,788
	3,253	08/15/15		3,071
	5,445	11/15/15		5,104
	28,397	11/15/15		26,561
	51,751	02/15/16		47,920
	1,000	05/15/16		919
	13,325	05/15/16		12,219
	5,181	08/15/16		4,704
	2,000	11/15/16		1,802
	15,857	11/15/16		14,242
	18,284	02/15/17		16,246
	26,911	08/15/17		23,405
	19,389	11/15/17		16,680
	500	02/15/18		425
	3,400	05/15/18		2,862
	16,241	08/15/18		13,498
	6,745	02/15/19		5,501
	6,982	02/15/19		5,663
	9,595	05/15/19		7,690
	22,210	08/15/19		17,568
	1,250	02/15/20		961
	250	05/15/20		191
	19,095	05/15/20		14,452
	17,175	08/15/20		12,818
	1,750	08/15/21		1,238
	4,925	11/15/21		3,435
	1,278	02/15/22		879
	5,487	02/15/23		3,562
	200	05/15/24		121
	1,400	11/15/24		825
	500	08/15/25		282
	1,000	02/15/26		548
	1,500	05/15/26		812
	3,400	11/15/26		1,792
	5,450	02/15/27		2,835
	4,850	05/15/27		2,488
	5,000	08/15/27		2,534
	800	11/15/27		400
	7,050	02/15/28		3,484
	1,600	05/15/28		781
	3,000	08/15/28		1,446
	2,500	11/15/28		1,188
	550	02/15/29		258
	300	08/15/29		137
	200	11/15/29		90
	19,300	02/15/30		8,596
	1,000	05/15/30		440
	8,200	08/15/30		3,559
	6,425	11/15/30		2,752
	600	02/15/31		254
	250	05/15/31		105
	1,500	08/15/31		620
	1,000	11/15/31		407
	350	02/15/32		141
	350	08/15/32		137
	2,500	11/15/32		967
	6,300	05/15/33		2,374
	350	08/15/33		130
	2,500	02/15/34		906
	1,600	02/15/35		550
	100	08/15/35		34
		Total U.S. Treasury Obligations (Cost $725,417)		778,373

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE ($)
Investment Company — 5.9%
190,815	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (Cost $190,815)		190,815
	Total Investments —100.2% (Cost $3,047,623)		3,239,893
	Liabilities in Excess of Other Assets — (0.2)%		(7,013	)
	NET ASSETS — 100.0%	$	3,232,880

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2011.
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GO	—	General Obligation
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2011. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMICS	—	Real Estate Mortgage Investment Conduits
Rev.	—	Revenue
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2011.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2011.

(b) Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(d) Defaulted Security.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The Fund owns fair valued securities with a value of approximately $12,363,000 which amounts to 0.4% of total investments.

(g) Amount rounds to less than 0.1%.

(h) Amount rounds to less than one thousand (shares or dollars).

(i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(l) The rate shown is the current yield as of May 31, 2011.

(m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

As of May 31, 2011, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	225,176
Aggregate gross unrealized depreciation		(32,906	)
Net unrealized appreciation/depreciation	$	192,270
Federal income tax cost of investments	$	3,047,623

JPMorgan Core Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited)

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table represents each valuation input by sector as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant  observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	93,574	$	6,583	$	100,157
Collateralized Mortgage Obligations		—		1,244,148		5,780		1,249,928
Commercial Mortgage-Backed
Securities		—		60,877		—		60,877
Corporate Bonds
Consumer Discretionary		—		37,306		—		37,306
Consumer Staples		—		24,984		—		24,984
Energy		—		27,198		—		27,198
Financials		—		298,421		—		298,421
Health Care		—		7,813		—		7,813
Industrials		—		19,197		—		19,197
Information Technology		—		24,750		—		24,750
Materials		—		12,617		—		12,617
Telecommunication Services		—		34,098		—		34,098
Utilities		—		52,821		—		52,821
Total Corporate Bonds		—		539,205		—		539,205
Foreign Government Securities		—		10,882		—		10,882
Mortgage Pass-Through Securities		—		282,494		—		282,494
Municipal Bonds		—		3,872		—		3,872
Supranational		—		424		—		424
U.S. Government Agency Securities		—		22,866		—		22,866
U.S. Treasury Obligations		—		778,373		—		778,373
Short-Term Investments
Investment Company		190,815		—		—		190,815
Total Investments in Securities	$	190,815	$	3,036,715	$	12,363	$	3,239,893

There were no transfers between Levels 1 and 2 during the period ended May 31, 2011.

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value (amounts in thousands):

	Balance as of 02/28/11		Realized gain (loss)		Change in unrealized appreciation (depreciation)			Net amortization (accretion)		Purchases 1		Sales 2			Transfers into Level 3		Transfers out of Level 3			Balance as of 05/31/2011
Investments in Securities
Asset Backed Securities		2,496		—		(5	)		—		5,461		(1,369	)		—		—			6,583
Collateralized Mortgage Obligations		2,688		—		(35	)		3		4,391		(7	)		—		(1,260	)		5,780
Total	$	5,184	$	—	$	(40	)	$	3	$	9,852	$	(1,376	)	$	—	$	(1,260	)	$	12,363

1 Purchases include all purchases of securities and securities received in corporate actions.

2 Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action.

Transfers into, and out of, Level 3 are valued utilizing values as of the beginning of the period.

Transfers from Level 2 to Level 3 or from Level 3 to Level 2 are due to a decline or an increase in market activity (e.g. frequency of trades), which resulted in a lack of or increase in available market inputs to determine price.

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2011, which were valued using significant unobservable inputs (Level 3) amounted to approximately $(40,000).

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
	Common Stocks — 97.6%
		Consumer Discretionary — 10.3%
		Auto Components — 0.3%
	7	Goodyear Tire & Rubber Co. (The) (a)		121
	19	Johnson Controls, Inc.		752
				873
		Automobiles — 0.5%
	106	Ford Motor Co. (a)		1,583
	7	Harley-Davidson, Inc.		245
				1,828
		Distributors — 0.1%
	4	Genuine Parts Co.		242
		Diversified Consumer Services — 0.1%
	3	Apollo Group, Inc., Class A (a)		142
	2	DeVry, Inc.		93
	9	H&R Block, Inc.		139
				374
		Hotels, Restaurants & Leisure — 1.7%
	12	Carnival Corp.		470
	1	Chipotle Mexican Grill, Inc. (a)		252
	4	Darden Restaurants, Inc.		196
	8	International Game Technology		144
	8	Marriott International, Inc., Class A		308
	29	McDonald’s Corp.		2,386
	21	Starbucks Corp.		770
	5	Starwood Hotels & Resorts Worldwide, Inc.		329
	5	Wyndham Worldwide Corp.		169
	2	Wynn Resorts Ltd.		312
	13	Yum! Brands, Inc.		725
				6,061
		Household Durables — 0.3%
	8	D.R. Horton, Inc.		96
	4	Fortune Brands, Inc.		278
	2	Harman International Industries, Inc.		94
	4	Leggett & Platt, Inc.		106
	5	Lennar Corp., Class A		85
	8	Newell Rubbermaid, Inc.		145
	9	Pulte Group, Inc. (a)		80
	2	Whirlpool Corp.		179
				1,063
		Internet & Catalog Retail — 0.9%
	10	Amazon.com, Inc. (a)		1,965
	6	Expedia, Inc.		157
	1	NetFlix, Inc. (a)		333
	1	priceline.com, Inc. (a)		710
				3,165
		Leisure Equipment & Products — 0.1%
	4	Hasbro, Inc.		176
	10	Mattel, Inc.		258
				434
		Media — 3.3%
	7	Cablevision Systems Corp., Class A		232
	19	CBS Corp. (Non Voting), Class B		527
	78	Comcast Corp., Class A		1,965
	22	DIRECTV, Class A (a)		1,118
	8	Discovery Communications, Inc., Class A (a)		344
	6	Gannett Co., Inc.		91
	14	Interpublic Group of Cos., Inc. (The)		164
	9	McGraw-Hill Cos., Inc. (The)		365
	64	News Corp., Class A		1,174
	8	Omnicom Group, Inc.		373
	3	Scripps Networks Interactive, Inc., Class A		128
	10	Time Warner Cable, Inc.		744
	31	Time Warner, Inc.		1,116
	17	Viacom, Inc., Class B		844
	53	Walt Disney Co. (The)		2,217
	–(h)	Washington Post Co. (The), Class B		61
				11,463
		Multiline Retail — 0.7%
	2	Big Lots, Inc. (a)		71
	4	Family Dollar Stores, Inc.		198
	7	J.C. Penney Co., Inc.		235
	8	Kohl’s Corp.		436
	12	Macy’s, Inc.		343
	5	Nordstrom, Inc.		220
	1	Sears Holdings Corp. (a) (c)		87
	20	Target Corp.		983
				2,573
		Specialty Retail — 1.8%
	2	Abercrombie & Fitch Co., Class A		186
	2	AutoNation, Inc. (a) (c)		63
	1	AutoZone, Inc. (a)		220
	7	Bed Bath & Beyond, Inc. (a)		385
	9	Best Buy Co., Inc.		291
	6	CarMax, Inc. (a)		188
	4	GameStop Corp., Class A (a) (c)		119
	12	Gap, Inc. (The)		237
	46	Home Depot, Inc.		1,667
	7	Limited Brands, Inc.		296
	39	Lowe’s Cos., Inc.		934
	4	O’Reilly Automotive, Inc. (a)		238
	3	RadioShack Corp.		47
	3	Ross Stores, Inc.		274
	20	Staples, Inc.		339
	4	Tiffany & Co.		268
	11	TJX Cos., Inc.		589
	4	Urban Outfitters, Inc. (a)		109
				6,450
		Textiles, Apparel & Luxury Goods — 0.5%
	8	Coach, Inc.		528
	11	NIKE, Inc., Class B		906
	2	Polo Ralph Lauren Corp.		233
	2	V.F. Corp.		242
				1,909
		Total Consumer Discretionary		36,435
	Consumer Staples — 10.5%
		Beverages — 2.4%
	3	Brown-Forman Corp., Class B		210

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Beverages — Continued
	64	Coca-Cola Co. (The)		4,298
	9	Coca-Cola Enterprises, Inc.		267
	5	Constellation Brands, Inc., Class A (a)		108
	6	Dr. Pepper Snapple Group, Inc.		259
	4	Molson Coors Brewing Co., Class B		208
	44	PepsiCo, Inc.		3,164
				8,514
		Food & Staples Retailing — 2.3%
	12	Costco Wholesale Corp.		1,010
	38	CVS Caremark Corp.		1,484
	18	Kroger Co. (The)		443
	10	Safeway, Inc.		255
	6	SUPERVALU, Inc. (c)		61
	16	Sysco Corp.		526
	26	Walgreen Co.		1,128
	55	Wal-Mart Stores, Inc.		3,034
	4	Whole Foods Market, Inc.		253
				8,194
		Food Products — 1.8%
	18	Archer-Daniels-Midland Co.		579
	5	Campbell Soup Co.		178
	11	ConAgra Foods, Inc.		292
	5	Dean Foods Co. (a)		71
	18	General Mills, Inc.		709
	9	H.J. Heinz Co.		496
	4	Hershey Co. (The)		241
	4	Hormel Foods Corp.		114
	3	JM Smucker Co. (The)		265
	7	Kellogg Co.		403
	49	Kraft Foods, Inc., Class A		1,715
	4	McCormick & Co., Inc. (Non-Voting)		187
	6	Mead Johnson Nutrition Co.		389
	16	Sara Lee Corp.		320
	8	Tyson Foods, Inc., Class A		159
				6,118
		Household Products — 2.1%
	4	Clorox Co.		272
	14	Colgate-Palmolive Co.		1,212
	11	Kimberly-Clark Corp.		775
	79	Procter & Gamble Co. (The)		5,262
				7,521
		Personal Products — 0.2%
	12	Avon Products, Inc.		358
	3	Estee Lauder Cos., Inc. (The), Class A		329
				687
		Tobacco — 1.7%
	59	Altria Group, Inc.		1,646
	4	Lorillard, Inc.		471
	50	Philip Morris International, Inc.		3,616
	9	Reynolds American, Inc.		377
				6,110
		Total Consumer Staples		37,144
	Energy — 12.3%
		Energy Equipment & Services — 2.2%
	12	Baker Hughes, Inc.		900
	7	Cameron International Corp. (a)		327
	2	Diamond Offshore Drilling, Inc. (c)		144
	7	FMC Technologies, Inc. (a)		301
	26	Halliburton Co.		1,285
	3	Helmerich & Payne, Inc.		187
	8	Nabors Industries Ltd., (Bermuda) (a)		224
	12	National Oilwell Varco, Inc.		857
	7	Noble Corp., (Switzerland)		296
	4	Rowan Cos., Inc. (a)		140
	38	Schlumberger Ltd.		3,271
				7,932
		Oil, Gas & Consumable Fuels — 10.1%
	14	Anadarko Petroleum Corp.		1,107
	11	Apache Corp.		1,337
	3	Cabot Oil & Gas Corp.		172
	18	Chesapeake Energy Corp.		578
	56	Chevron Corp.		5,906
	40	ConocoPhillips		2,935
	6	Consol Energy, Inc.		325
	11	Denbury Resources, Inc. (a)		247
	12	Devon Energy Corp.		1,007
	21	El Paso Corp.		452
	8	EOG Resources, Inc.		820
	4	EQT Corp.		227
	139	Exxon Mobil Corp.		11,606
	8	Hess Corp.		666
	20	Marathon Oil Corp.		1,079
	3	Massey Energy Co.		191
	5	Murphy Oil Corp.		372
	4	Newfield Exploration Co. (a)		281
	5	Noble Energy, Inc.		459
	23	Occidental Petroleum Corp.		2,458
	8	Peabody Energy Corp.		465
	3	Pioneer Natural Resources Co.		300
	5	QEP Resources, Inc.		215
	5	Range Resources Corp.		252
	10	Southwestern Energy Co. (a)		427
	18	Spectra Energy Corp.		502
	3	Sunoco, Inc.		137
	4	Tesoro Corp. (a)		98
	16	Valero Energy Corp.		439
	16	Williams Cos., Inc. (The)		516
				35,576
		Total Energy		43,508
	Financials — 14.9%
		Capital Markets — 2.3%
	7	Ameriprise Financial, Inc.		423
	35	Bank of New York Mellon Corp. (The)		979
	3	BlackRock, Inc.		552
	28	Charles Schwab Corp. (The)		504
	8	E*Trade Financial Corp. (a)		124
	3	Federated Investors, Inc., Class B (c)		67
	4	Franklin Resources, Inc.		527
	15	Goldman Sachs Group, Inc. (The)		2,054

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Capital Markets — Continued
	13	Invesco Ltd.		319
	5	Janus Capital Group, Inc.		54
	4	Legg Mason, Inc.		144
	43	Morgan Stanley		1,047
	7	Northern Trust Corp.		331
	14	State Street Corp.		645
	7	T. Rowe Price Group, Inc.		460
				8,230
		Commercial Banks — 2.6%
	19	BB&T Corp.		536
	5	Comerica, Inc.		179
	26	Fifth Third Bancorp		336
	7	First Horizon National Corp.		77
	24	Huntington Bancshares, Inc.		160
	27	KeyCorp		226
	3	M&T Bank Corp.		298
	15	Marshall & Ilsley Corp.		119
	15	PNC Financial Services Group, Inc.		920
	35	Regions Financial Corp.		249
	15	SunTrust Banks, Inc.		423
	54	U.S. Bancorp		1,380
	148	Wells Fargo & Co.		4,191
	5	Zions Bancorp		122
				9,216
		Consumer Finance — 0.8%
	29	American Express Co.		1,514
	13	Capital One Financial Corp.		697
	15	Discover Financial Services		364
	15	SLM Corp. (a)		252
				2,827
		Diversified Financial Services — 3.7%
	284	Bank of America Corp.		3,335
	81	Citigroup, Inc.		3,353
	2	CME Group, Inc.		537
	2	IntercontinentalExchange, Inc. (a)		248
	112	JPMorgan Chase & Co. (q)		4,827
	6	Leucadia National Corp.		197
	6	Moody’s Corp.		223
	4	NASDAQ OMX Group, Inc. (The) (a)		107
	7	NYSE Euronext		267
				13,094
		Insurance — 3.7%
	9	ACE Ltd., (Switzerland)		648
	13	Aflac, Inc.		630
	15	Allstate Corp. (The)		466
	12	American International Group, Inc. (a)		348
	9	AON Corp.		487
	3	Assurant, Inc.		104
	49	Berkshire Hathaway, Inc., Class B (a)		3,838
	8	Chubb Corp.		543
	5	Cincinnati Financial Corp.		139
	14	Genworth Financial, Inc., Class A (a)		153
	12	Hartford Financial Services Group, Inc.		332
	9	Lincoln National Corp.		260
	9	Loews Corp.		371
	15	Marsh & McLennan Cos., Inc.		468
	30	MetLife, Inc.		1,305
	9	Principal Financial Group, Inc.		281
	19	Progressive Corp. (The)		401
	14	Prudential Financial, Inc.		869
	2	Torchmark Corp.		145
	12	Travelers Cos., Inc. (The)		750
	9	Unum Group		228
	9	XL Group plc, (Ireland)		206
				12,972
		Real Estate Investment Trusts (REITs) — 1.6%
	3	Apartment Investment & Management Co., Class A		89
	2	AvalonBay Communities, Inc.		321
	4	Boston Properties, Inc.		433
	8	Equity Residential		510
	11	HCP, Inc.		426
	5	Health Care REIT, Inc.		263
	19	Host Hotels & Resorts, Inc.		335
	11	Kimco Realty Corp.		222
	5	Plum Creek Timber Co., Inc.		184
	16	ProLogis		265
	4	Public Storage		464
	8	Simon Property Group, Inc.		983
	5	Ventas, Inc.		258
	5	Vornado Realty Trust		451
	15	Weyerhaeuser Co.		324
				5,528
		Real Estate Management & Development — 0.1%
	8	CB Richard Ellis Group, Inc., Class A (a)		216
		Thrifts & Mortgage Finance — 0.1%
	15	Hudson City Bancorp, Inc.		135
	10	People’s United Financial, Inc.		135
				270
		Total Financials		52,353
	Health Care — 11.4%
		Biotechnology — 1.2%
	26	Amgen, Inc. (a)		1,583
	7	Biogen Idec, Inc. (a)		640
	13	Celgene Corp. (a)		794
	2	Cephalon, Inc. (a)		169
	22	Gilead Sciences, Inc. (a)		931
				4,117
		Health Care Equipment & Supplies — 1.9%
	16	Baxter International, Inc.		967
	6	Becton, Dickinson & Co.		543
	43	Boston Scientific Corp. (a)		307
	2	C.R. Bard, Inc.		267
	6	CareFusion Corp. (a)		181
	14	Covidien plc, (Ireland)		762
	4	DENTSPLY International, Inc.		156
	3	Edwards Lifesciences Corp. (a)		286
	1	Intuitive Surgical, Inc. (a)		380

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Health Care Equipment & Supplies — Continued
	30	Medtronic, Inc.		1,220
	9	St. Jude Medical, Inc.		463
	9	Stryker Corp.		589
	3	Varian Medical Systems, Inc. (a)		227
	5	Zimmer Holdings, Inc. (a)		365
				6,713
		Health Care Providers & Services — 2.1%
	11	Aetna, Inc.		471
	8	AmerisourceBergen Corp.		317
	10	Cardinal Health, Inc.		446
	8	CIGNA Corp.		379
	4	Coventry Health Care, Inc. (a)		148
	3	DaVita, Inc. (a)		226
	15	Express Scripts, Inc. (a)		882
	5	Humana, Inc. (a)		381
	3	Laboratory Corp. of America Holdings (a)		283
	7	McKesson Corp.		610
	11	Medco Health Solutions, Inc. (a)		679
	3	Patterson Cos., Inc.		93
	4	Quest Diagnostics, Inc.		255
	14	Tenet Healthcare Corp. (a)		87
	31	UnitedHealth Group, Inc.		1,501
	11	WellPoint, Inc.		823
				7,581
		Health Care Technology — 0.1%
	2	Cerner Corp. (a)		242
		Life Sciences Tools & Services — 0.5%
	10	Agilent Technologies, Inc. (a)		483
	5	Life Technologies Corp. (a)		262
	3	PerkinElmer, Inc.		88
	11	Thermo Fisher Scientific, Inc. (a)		717
	3	Waters Corp. (a)		252
				1,802
		Pharmaceuticals — 5.6%
	43	Abbott Laboratories		2,268
	9	Allergan, Inc.		709
	48	Bristol-Myers Squibb Co.		1,373
	29	Eli Lilly & Co.		1,099
	8	Forest Laboratories, Inc. (a)		289
	5	Hospira, Inc. (a)		258
	77	Johnson & Johnson		5,161
	86	Merck & Co., Inc.		3,177
	12	Mylan, Inc. (a)		289
	224	Pfizer, Inc.		4,809
	4	Watson Pharmaceuticals, Inc. (a)		227
				19,659
		Total Health Care		40,114
	Industrials — 10.9%
		Aerospace & Defense — 2.7%
	21	Boeing Co. (The)		1,611
	10	General Dynamics Corp.		776
	4	Goodrich Corp.		308
	22	Honeywell International, Inc.		1,309
	5	ITT Corp.		297
	3	L-3 Communications Holdings, Inc.		243
	8	Lockheed Martin Corp.		627
	8	Northrop Grumman Corp.		533
	4	Precision Castparts Corp.		632
	10	Raytheon Co.		508
	4	Rockwell Collins, Inc.		266
	8	Textron, Inc.		177
	26	United Technologies Corp.		2,265
				9,552
		Air Freight & Logistics — 1.0%
	5	C.H. Robinson Worldwide, Inc.		374
	6	Expeditors International of Washington, Inc.		314
	9	FedEx Corp.		827
	28	United Parcel Service, Inc., Class B		2,034
				3,549
		Airlines — 0.1%
	21	Southwest Airlines Co.		248
		Building Products — 0.0% (g)
	10	Masco Corp.		143
		Commercial Services & Supplies — 0.5%
	3	Avery Dennison Corp.		127
	4	Cintas Corp.		116
	6	Iron Mountain, Inc.		191
	6	Pitney Bowes, Inc.		137
	6	R.R. Donnelley & Sons Co.		124
	9	Republic Services, Inc.		272
	2	Stericycle, Inc. (a)		213
	13	Waste Management, Inc.		518
				1,698
		Construction & Engineering — 0.2%
	5	Fluor Corp.		341
	4	Jacobs Engineering Group, Inc. (a)		163
	6	Quanta Services, Inc. (a)		120
				624
		Electrical Equipment — 0.5%
	21	Emerson Electric Co.		1,153
	4	Rockwell Automation, Inc.		332
	3	Roper Industries, Inc.		223
				1,708
		Industrial Conglomerates — 2.4%
	20	3M Co.		1,884
	298	General Electric Co.		5,848
	13	Tyco International Ltd., (Switzerland)		655
				8,387
		Machinery — 2.4%
	18	Caterpillar, Inc.		1,895
	6	Cummins, Inc.		584
	15	Danaher Corp.		827
	12	Deere & Co.		1,016
	5	Dover Corp.		352
	10	Eaton Corp.		493
	2	Flowserve Corp.		190
	14	Illinois Tool Works, Inc.		801
	9	Ingersoll-Rand plc, (Ireland)		461

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Machinery — Continued
	3	Joy Global, Inc.		263
	10	PACCAR, Inc.		512
	3	Pall Corp.		182
	5	Parker Hannifin Corp.		403
	2	Snap-On, Inc.		99
	5	Stanley Black & Decker, Inc.		346
				8,424
		Professional Services — 0.1%
	1	Dun & Bradstreet Corp.		112
	3	Equifax, Inc.		130
	4	Robert Half International, Inc.		113
				355
		Road & Rail — 0.9%
	10	CSX Corp.		824
	10	Norfolk Southern Corp.		732
	1	Ryder System, Inc.		79
	14	Union Pacific Corp.		1,445
				3,080
		Trading Companies & Distributors — 0.1%
	8	Fastenal Co. (c)		275
	2	W.W. Grainger, Inc.		247
				522
		Total Industrials		38,290
	Information Technology — 17.5%
		Communications Equipment — 2.0%
	155	Cisco Systems, Inc.		2,604
	2	F5 Networks, Inc. (a)		257
	4	Harris Corp.		177
	6	JDS Uniphase Corp. (a)		127
	15	Juniper Networks, Inc. (a)		549
	8	Motorola Mobility Holdings, Inc. (a)		207
	9	Motorola Solutions, Inc. (a)		452
	46	QUALCOMM, Inc.		2,701
	10	Tellabs, Inc.		47
				7,121
		Computers & Peripherals — 4.2%
	26	Apple, Inc. (a)		8,986
	47	Dell, Inc. (a)		757
	58	EMC Corp. (a)		1,652
	61	Hewlett-Packard Co.		2,279
	2	Lexmark International, Inc., Class A (a)		66
	10	NetApp, Inc. (a)		565
	7	SanDisk Corp. (a)		315
	6	Western Digital Corp. (a)		238
				14,858
		Electronic Equipment, Instruments & Components — 0.4%
	5	Amphenol Corp., Class A		267
	44	Corning, Inc.		885
	4	FLIR Systems, Inc.		162
	5	Jabil Circuit, Inc.		118
	4	Molex, Inc.		106
				1,538
		Internet Software & Services — 1.6%
	5	Akamai Technologies, Inc. (a)		178
	32	eBay, Inc. (a)		999
	7	Google, Inc., Class A (a)		3,720
	4	Monster Worldwide, Inc. (a)		56
	5	VeriSign, Inc.		170
	37	Yahoo!, Inc. (a)		608
				5,731
		IT Services — 3.1%
	14	Automatic Data Processing, Inc.		767
	9	Cognizant Technology Solutions
		Corp., Class A (a)		649
	4	Computer Sciences Corp.		173
	7	Fidelity National Information
		Services, Inc.		240
	4	Fiserv, Inc. (a)		264
	34	International Business Machines Corp.		5,777
	3	MasterCard, Inc., Class A		778
	9	Paychex, Inc.		291
	8	SAIC, Inc. (a)		145
	5	Teradata Corp. (a)		263
	5	Total System Services, Inc.		85
	14	Visa, Inc., Class A		1,102
	18	Western Union Co. (The)		373
				10,907
		Office Electronics — 0.1%
	39	Xerox Corp.		401
		Semiconductors & Semiconductor Equipment — 2.5%
	16	Advanced Micro Devices, Inc. (a)		140
	9	Altera Corp.		431
	8	Analog Devices, Inc.		346
	37	Applied Materials, Inc.		510
	13	Broadcom Corp., Class A (a)		480
	2	First Solar, Inc. (a) (c)		189
	154	Intel Corp.		3,464
	5	KLA-Tencor Corp.		202
	6	Linear Technology Corp.		220
	17	LSI Corp. (a)		129
	6	MEMC Electronic Materials, Inc. (a)		68
	5	Microchip Technology, Inc. (c)		209
	24	Micron Technology, Inc. (a)		245
	7	National Semiconductor Corp.		166
	3	Novellus Systems, Inc. (a)		92
	16	NVIDIA Corp. (a)		327
	5	Teradyne, Inc. (a)		83
	33	Texas Instruments, Inc.		1,160
	7	Xilinx, Inc.		261
				8,722
		Software — 3.6%
	14	Adobe Systems, Inc. (a)		491
	6	Autodesk, Inc. (a)		276
	5	BMC Software, Inc. (a)		280
	11	CA, Inc.		251
	5	Citrix Systems, Inc. (a)		461
	6	Compuware Corp. (a)		63
	9	Electronic Arts, Inc. (a)		229

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES		SECURITY DESCRIPTION	VALUE ($)
		Software — Continued
	8	Intuit, Inc. (a)		412
	207	Microsoft Corp.		5,186
	109	Oracle Corp.		3,733
	5	Red Hat, Inc. (a)		236
	3	Salesforce.com, Inc. (a)		505
	21	Symantec Corp. (a)		418
				12,541
		Total Information Technology		61,819
	Materials — 3.5%
		Chemicals — 2.1%
	6	Air Products & Chemicals, Inc.		573
	2	Airgas, Inc.		138
	2	CF Industries Holdings, Inc.		307
	33	Dow Chemical Co. (The)		1,183
	26	E.I. du Pont de Nemours & Co.		1,378
	2	Eastman Chemical Co.		210
	7	Ecolab, Inc.		358
	2	FMC Corp.		169
	2	International Flavors & Fragrances, Inc.		144
	15	Monsanto Co.		1,069
	5	PPG Industries, Inc.		400
	9	Praxair, Inc.		900
	2	Sherwin-Williams Co. (The)		219
	3	Sigma-Aldrich Corp.		240
				7,288
		Construction Materials — 0.0% (g)
	4	Vulcan Materials Co. (c)		146
		Containers & Packaging — 0.2%
	5	Ball Corp.		188
	3	Bemis Co., Inc.		99
	5	Owens-Illinois, Inc. (a)		147
	4	Sealed Air Corp.		115
				549
		Metals & Mining — 1.1%
	3	AK Steel Holding Corp.		47
	30	Alcoa, Inc.		501
	3	Allegheny Technologies, Inc.		185
	4	Cliffs Natural Resources, Inc.		345
	27	Freeport-McMoRan Copper & Gold, Inc.		1,371
	14	Newmont Mining Corp.		783
	9	Nucor Corp.		375
	3	Titanium Metals Corp. (a)		47
	4	United States Steel Corp.		186
				3,840
		Paper & Forest Products — 0.1%
	12	International Paper Co.		385
	5	MeadWestvaco Corp.		161
				546
		Total Materials		12,369
	Telecommunication Services — 3.0%
		Diversified Telecommunication Services — 2.6%
	166	AT&T, Inc.		5,231
	17	CenturyLink, Inc.		721
	28	Frontier Communications Corp.		247
	79	Verizon Communications, Inc.		2,929
	14	Windstream Corp.		190
				9,318
		Wireless Telecommunication Services — 0.4%
	11	American Tower Corp., Class A (a)		619
	7	MetroPCS Communications, Inc. (a)		132
	84	Sprint Nextel Corp. (a)		491
				1,242
		Total Telecommunication Services		10,560
	Utilities — 3.3%
		Electric Utilities — 1.7%
	13	American Electric Power Co., Inc.		515
	37	Duke Energy Corp.		699
	9	Edison International		360
	5	Entergy Corp.		342
	19	Exelon Corp.		777
	12	FirstEnergy Corp.		523
	12	NextEra Energy, Inc.		684
	5	Northeast Utilities		175
	6	Pepco Holdings, Inc.		126
	3	Pinnacle West Capital Corp.		138
	16	PPL Corp.		446
	8	Progress Energy, Inc.		392
	24	Southern Co.		950
				6,127
		Gas Utilities — 0.1%
	1	Nicor, Inc.		70
	3	Oneok, Inc.		213
				283
		Independent Power Producers & Energy Traders — 0.2%
	19	AES Corp. (The) (a)		241
	6	Constellation Energy Group, Inc.		208
	7	NRG Energy, Inc. (a)		172
				621
		Multi-Utilities — 1.3%
	7	Ameren Corp.		200
	12	CenterPoint Energy, Inc.		230
	7	CMS Energy Corp.		141
	8	Consolidated Edison, Inc.		435
	16	Dominion Resources, Inc.		777
	5	DTE Energy Co.		245
	2	Integrys Energy Group, Inc.		115
	8	NiSource, Inc.		159
	11	PG&E Corp.		482
	14	Public Service Enterprise Group, Inc.		475
	3	SCANA Corp.		130
	7	Sempra Energy		372
	6	TECO Energy, Inc.		116
	7	Wisconsin Energy Corp.		205
	14	Xcel Energy, Inc.		335
				4,417
		Total Utilities		11,448

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

SHARES	SECURITY DESCRIPTION	VALUE ($)
	Total Common Stocks (Cost $265,003)		344,040
NO. OF WARRANTS
Warrant — 0.0% (g)
Financials — 0.0% (g)
	Insurance — 0.0% (g)
2	American International Group, Inc., expiring 01/19/21 (a) (Cost $—)		18
SHARES
Investment Company — 0.1%
3	SPDR Trust, Series 1, (Cost $307)		348
Short-Term Investments — 2.1%
	Investment Company — 2.0%
6,961	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (m) (Cost $6,961)		6,961
PRINCIPAL AMOUNT($)
	U.S. Treasury Obligations — 0.1%
	U.S. Treasury Bills, (k) (n)
475	0.007%, 07/28/11		475
125	0.020%, 07/14/11		125
	Total U.S. Treasury Obligations (Cost $600)		600
	Total Short-Term Investments (Cost $7,561)		7,561
	Total Investments — 99.8%
	(Cost $272,871)		351,967
	Other Assets in Excess of Liabilities — 0.2%		696
	NET ASSETS — 100.0%	$	352,663

Percentages indicated are based on net assets.

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands, except number of contracts)

Futures Contracts

NUMBER OF CONTRACTS		DESCRIPTION	EXPIRATION DATE		NOTIONAL VALUE AT 05/31/11		UNREALIZED APPRECIATION (DEPRECIATION)
		Long Futures Outstanding
	114	E-mini S&P 500		06/17/11	$	7,660	$	95

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

SPDR — Standard & Poor’s Depository Receipts

(a) Non-income producing security

(b) Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(c) Security or a portion of the security has been delivered to counterparty as part of a security lending transaction.

(g) Amount rounds to less than 0.1%.

(h) Amount rounds to less than one thousand (shares or dollars).

(k) All or a portion of this security is deposited with the broker as collateral for futures or with brokers as initial margin for futures contracts.

(l) The rate shown is the current yield as of May 31, 2011.

(m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

(n) The rate shown is the effective yield at the date of purchase.

(q) Investment in affiliate. This security is included in an index in which the Portfolio, as an index fund, invests.

Equity Index Trust

As of May 31, 2011, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	95,499
Aggregate gross unrealized depreciation		(16,403	)
Net unrealized appreciation/depreciation	$	79,096
Federal income tax cost of investments	$	272,871

JPMorgan Equity Index Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table represents each valuation input by sector as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Total Investments in Securities #	$	351,349	$	618	$	—	$	351,967
Appreciation in Other Financial Instruments
Futures Contracts	$	95	$	—	$	—	$	95

There were no transfers between Levels 1 and 2 during the period ended May 31, 2011.

# Portfolio holdings designated as Level 1 and Level 2 are disclosed individually in the Schedule of Portfolio Investments (“SOI”). Level 2 consists of a U.S. Treasury Bill held as collateral for futures contracts. Please refer to the SOI for industry specifics of the portfolio holdings.

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
		Asset-Backed Securities — 2.4%
		AH Mortgage Advance Trust,
	295	Series 2010-ADV1, Class A1, 3.968%, 08/15/22 (e)		299
	178	Series SART-1, Class A1, 2.630%, 05/10/42 (e)		179
	500	Series SART-1, Class A2, 3.370%, 05/10/43 (e)		502
		Ally Auto Receivables Trust,
	65	Series 2010-1, Class A3, 1.450%, 05/15/14		66
	176	Series 2010-4, Class A3, 0.910%, 11/17/14		176
		AmeriCredit Automobile Receivables Trust,
	273	Series 2006-BG, Class A4, 5.210%, 09/06/13		273
	151	Series 2009-1, Class A3, 3.040%, 10/15/13		153
	5	Series 2010-1, Class A2, 0.970%, 01/15/13		6
	25	Series 2010-1, Class A3, 1.660%, 03/17/14		25
	130	Series 2010-3, Class A3, 1.140%, 04/08/15		130
	150	Series 2010-4, Class A2, 0.960%, 05/08/14		150
	75	Series 2010-4, Class A3, 1.270%, 04/08/15		75
		Bank of America Auto Trust,
	291	Series 2009-1A, Class A3, 2.670%, 07/15/13 (e)		293
	150	Series 2009-1A, Class A4, 3.520%, 06/15/16 (e)		155
	120	Series 2010-1A, Class A3, 1.390%, 03/15/14 (e)		120
	100	Series 2010-1A, Class A4, 2.180%, 02/15/17 (e)		103
	75	Series 2010-2, Class A3, 1.310%, 07/15/14		76
	125	Series 2010-2, Class A4, 1.940%, 06/15/17		127
	77	Bear Stearns Asset-Backed Securities Trust, Series 2006-SD1, Class A, VAR, 0.564%, 04/25/36		60
	60	CarMax Auto Owner Trust, Series 2010-1, Class A3, 1.560%, 07/15/14		60
	200	Centex Home Equity, Series 2004- D, Class AF4, SUB, 4.680%, 06/25/32		195
		Chrysler Financial Auto Securitization Trust,
	94	Series 2009-A, Class A3, 2.820%, 01/15/16		96
	250	Series 2010-A, Class A3, 0.910%, 08/08/13		250
	300	Citibank Credit Card Issuance Trust, Series 2002-C2, Class C2, 6.950%, 02/18/14		312
		CNH Equipment Trust,
	105	Series 2010-A, Class A3, 1.540%, 07/15/14		106
	300	Series 2010-C, Class A3, 1.170%, 05/15/15		301
	51	Credit-Based Asset Servicing and Securitization LLC, Series 2006- CB1, Class AF2, SUB, 5.236%, 01/25/36		32
		Ford Credit Auto Owner Trust,
	146	Series 2009-B, Class A3, 2.790%, 08/15/13		147
	200	Series 2009-B, Class A4, 4.500%, 07/15/14		211
	200	GE Capital Credit Card Master Note Trust, Series 2009-2, Class A, 3.690%, 07/15/15		207
	105	GE Mortgage Services LLC, Series 1999-HE1, Class M, VAR, 6.705%, 04/25/29		98
	144	Harley-Davidson Motorcycle Trust, Series 2010-1, Class A3, 1.160%, 02/15/15		144
		Honda Auto Receivables Owner Trust,
	158	Series 2009-2, Class A3, 2.790%, 01/15/13		159
	100	Series 2009-2, Class A4, 4.430%, 07/15/15		104
	93	Series 2009-3, Class A3, 2.310%, 05/15/13		94
	150	Series 2009-3, Class A4, 3.300%, 09/15/15		155
		HSBC Home Equity Loan Trust,
	93	Series 2005-2, Class A1, VAR, 0.466%, 01/20/35		84
	68	Series 2006-1, Class A1, VAR, 0.356%, 01/20/36		62
	79	Series 2007-3, Class APT, VAR, 1.396%, 11/20/36		71
	125	Hyundai Auto Receivables Trust, Series 2010-B, Class A3, 0.970%, 04/15/15		125
	35	John Deere Owner Trust, Series 2009-A, Class A3, 2.590%, 10/15/13		35
	213	LAI Vehicle Lease Securitization Trust, Series 2010-A, Class A, 2.550%, 09/15/16 (e)		213
	407	MBNA Credit Card Master Note Trust, Series 2002-C1, Class C1, 6.800%, 07/15/14		424

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Asset-Backed Securities — Continued
	105		Mercedes-Benz Auto Receivables Trust, Series 2010-1, Class A3, 1.420%, 08/15/14		106
			Nissan Auto Receivables Owner Trust,
	115		Series 2010-A, Class A3, 0.870%, 07/15/14		115
	75		Series 2010-A, Class A4, 1.310%, 09/15/16		75
	245		Residential Credit Solutions Trust, Series 2011-1, Class A1, 6.000%, 03/25/41 (e) (f) (i)		245
			Santander Drive Auto Receivables Trust,
	110		Series 2010-3, Class A3, 1.200%, 06/16/14		110
	58		Series 2011-S2A, Class B, 2.060%, 06/15/17 (e)		58
	225		Toyota Auto Receivables Owner Trust, Series 2010-C, Class A3, 0.770%, 04/15/14		225
	135		World Omni Auto Receivables Trust, Series 2010-A, Class A4, 2.210%, 05/15/15		138
			Total Asset-Backed Securities (Cost $7,686)		7,725
	Collateralized Mortgage Obligations — 32.5%
			Agency CMO — 26.9%
	89		Federal Home Loan Mortgage Corp. - Government National Mortgage Association, Series 24, Class ZE, 6.250%, 11/25/23		100
			Federal Home Loan Mortgage Corp. REMICS,
	8		Series 11, Class D, 9.500%, 07/15/19		8
	—	(h)	Series 41, Class I, HB, 84.000%, 05/15/20		—	(h)
	4		Series 46, Class B, 7.800%, 09/15/20		5
	1		Series 47, Class F, 10.000%, 06/15/20		1
	—	(h)	Series 85, Class C, 8.600%, 01/15/21		—	(h)
	4		Series 99, Class Z, 9.500%, 01/15/21		5
	21		Series 114, Class H, 6.950%, 01/15/21		24
	1		Series 1079, Class S, HB, IF, 33.150%, 05/15/21		2
	1		Series 1084, Class F, VAR, 1.200%, 05/15/21		1
	1		Series 1084, Class S, HB, IF, 44.100%, 05/15/21		2
	12		Series 1144, Class KB, 8.500%, 09/15/21		14
	—	(h)	Series 1172, Class L, HB, VAR, 1,181.250%, 11/15/21		—	(h)
	—	(h)	Series 1196, Class B, HB, IF, 1,169.001%, 01/15/22		2
	14		Series 1206, Class IA, 7.000%, 03/15/22		16
	10		Series 1250, Class J, 7.000%, 05/15/22		12
	33		Series 1343, Class LA, 8.000%, 08/15/22		39
	137		Series 1466, Class PZ, 7.500%, 02/15/23		156
	2		Series 1470, Class F, VAR, 2.452%, 02/15/23		2
	51		Series 1491, Class I, 7.500%, 04/15/23		60
	51		Series 1518, Class G, IF, 8.875%, 05/15/23		57
	44		Series 1541, Class O, VAR, 2.540%, 07/15/23		45
	3		Series 1602, Class SA, HB, IF, 21.937%, 10/15/23		5
	163		Series 1608, Class L, 6.500%, 09/15/23		184
	121		Series 1609, Class LG, IF, 16.792%, 11/15/23		146
	4		Series 1671, Class L, 7.000%, 02/15/24		5
	25		Series 1700, Class GA, PO, 02/15/24		23
	252		Series 1706, Class K, 7.000%, 03/15/24		292
	819		Series 1720, Class PL, 7.500%, 04/15/24		947
	20		Series 1745, Class D, 7.500%, 08/15/24		24
	56		Series 1798, Class F, 5.000%, 05/15/23		61
	2		Series 1807, Class G, 9.000%, 10/15/20		3
	237		Series 1927, Class PH, 7.500%, 01/15/27		272
	113		Series 1981, Class Z, 6.000%, 05/15/27		123
	35		Series 1987, Class PE, 7.500%, 09/15/27		42
	22		Series 2025, Class PE, 6.300%, 01/15/13		22
	17		Series 2033, Class SN, HB, IF, 24.910%, 03/15/24		11
	45		Series 2038, Class PN, IO, 7.000%, 03/15/28		10
	211		Series 2040, Class PE, 7.500%, 03/15/28		249
	60		Series 2056, Class TD, 6.500%, 05/15/18		66

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	262	Series 2063, Class PG, 6.500%, 06/15/28		298
	45	Series 2064, Class TE, 7.000%, 06/15/28		53
	185	Series 2075, Class PH, 6.500%, 08/15/28		210
	180	Series 2075, Class PM, 6.250%, 08/15/28		192
	52	Series 2089, Class PJ, IO, 7.000%, 10/15/28		12
	18	Series 2102, Class TC, 6.000%, 12/15/13		19
	102	Series 2115, Class PE, 6.000%, 01/15/14		106
	131	Series 2125, Class JZ, 6.000%, 02/15/29		141
	21	Series 2163, Class PC, IO, 7.500%, 06/15/29		4
	505	Series 2169, Class TB, 7.000%, 06/15/29		602
	148	Series 2172, Class QC, 7.000%, 07/15/29		170
	1	Series 2196, Class TL, 7.500%, 11/15/29		1
	75	Series 2201, Class C, 8.000%, 11/15/29		91
	151	Series 2210, Class Z, 8.000%, 01/15/30		179
	62	Series 2224, Class CB, 8.000%, 03/15/30		76
	88	Series 2256, Class MC, 7.250%, 09/15/30		105
	127	Series 2259, Class ZM, 7.000%, 10/15/30		145
	100	Series 2271, Class PC, 7.250%, 12/15/30		119
	161	Series 2283, Class K, 6.500%, 12/15/23		175
	53	Series 2296, Class PD, 7.000%, 03/15/31		62
	28	Series 2306, Class K, PO, 05/15/24		26
	69	Series 2306, Class SE, IF, IO, 7.190%, 05/15/24		12
	71	Series 2333, Class HC, 6.000%, 07/15/31		71
	57	Series 2344, Class QG, 6.000%, 08/15/16		61
	1,151	Series 2344, Class ZD, 6.500%, 08/15/31		1,283
	151	Series 2344, Class ZJ, 6.500%, 08/15/31		169
	103	Series 2345, Class NE, 6.500%, 08/15/31		111
	103	Series 2345, Class PQ, 6.500%, 08/15/16		109
	97	Series 2347, Class VP, 6.500%, 03/15/20		101
	163	Series 2351, Class PZ, 6.500%, 08/15/31		178
	70	Series 2355, Class BP, 6.000%, 09/15/16		76
	81	Series 2360, Class PG, 6.000%, 09/15/16		87
	67	Series 2366, Class MD, 6.000%, 10/15/16		72
	114	Series 2391, Class QR, 5.500%, 12/15/16		123
	94	Series 2410, Class NG, 6.500%, 02/15/32		106
	131	Series 2410, Class OE, 6.375%, 02/15/32		145
	51	Series 2410, Class QX, IF, IO, 8.452%, 02/15/32		13
	269	Series 2412, Class SP, IF, 15.704%, 02/15/32		333
	57	Series 2423, Class MC, 7.000%, 03/15/32		65
	121	Series 2423, Class MT, 7.000%, 03/15/32		136
	243	Series 2435, Class CJ, 6.500%, 04/15/32		281
	150	Series 2435, Class VH, 6.000%, 07/15/19		152
	178	Series 2441, Class GF, 6.500%, 04/15/32		202
	141	Series 2444, Class ES, IF, IO, 7.752%, 03/15/32		30
	161	Series 2450, Class GZ, 7.000%, 05/15/32		185
	56	Series 2450, Class SW, IF, IO, 7.802%, 03/15/32		12
	280	Series 2455, Class GK, 6.500%, 05/15/32		317
	432	Series 2466, Class DH, 6.500%, 06/15/32		486
	353	Series 2466, Class PG, 6.500%, 04/15/32		377
	190	Series 2474, Class NR, 6.500%, 07/15/32		215
	370	Series 2484, Class LZ, 6.500%, 07/15/32		432
	600	Series 2500, Class MC, 6.000%, 09/15/32		664
	607	Series 2512, Class PG, 5.500%, 10/15/22		676
	2	Series 2519, Class BT, 8.500%, 09/15/31		2
	138	Series 2535, Class BK, 5.500%, 12/15/22		152
	312	Series 2537, Class TE, 5.500%, 12/15/17		338

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	675		Series 2543, Class YX, 6.000%, 12/15/32		760
	1,000		Series 2568, Class KG, 5.500%, 02/15/23		1,108
	810		Series 2575, Class ME, 6.000%, 02/15/33		914
	108		Series 2586, Class WI, IO, 6.500%, 03/15/33		22
	201		Series 2587, Class CO, PO, 03/15/32		198
	138		Series 2594, Class VQ, 6.000%, 08/15/20		141
	341		Series 2597, Class AD, 6.500%, 03/15/32		357
	31		Series 2597, Class DS, IF, IO, 7.352%, 02/15/33		2
	58		Series 2599, Class DS, IF, IO, 6.802%, 02/15/33		3
	217		Series 2610, Class DS, IF, IO, 6.902%, 03/15/33		9
	104		Series 2611, Class SH, IF, IO, 7.452%, 10/15/21		3
	405		Series 2617, Class GR, 4.500%, 05/15/18		434
	33		Series 2619, Class IM, IO, 5.000%, 10/15/21		1
	300		Series 2622, Class PE, 4.500%, 05/15/18		324
	353		Series 2628, Class WA, 4.000%, 07/15/28		357
	202		Series 2631, Class LC, 4.500%, 06/15/18		216
	202		Series 2640, Class VE, 3.250%, 07/15/22		209
	—	(h)	Series 2643, Class HI, IO, 4.500%, 12/15/16		—	(h)
	324		Series 2651, Class VZ, 4.500%, 07/15/18		347
	590		Series 2657, Class MD, 5.000%, 12/15/20		606
	84		Series 2668, Class SB, IF, 7.024%, 10/15/15		85
	202		Series 2672, Class ME, 5.000%, 11/15/22		221
	506		Series 2675, Class CK, 4.000%, 09/15/18		537
	211		Series 2682, Class YS, IF, 8.685%, 10/15/33		204
	1,000		Series 2684, Class PO, PO, 01/15/33		907
	61		Series 2684, Class TO, PO, 10/15/33		55
	24		Series 2686, Class GB, 5.000%, 05/15/20		24
	64		Series 2691, Class WS, IF, 8.703%, 10/15/33		62
	717		Series 2695, Class DE, 4.000%, 01/15/17		733
	104		Series 2705, Class SC, IF, 8.703%, 11/15/33		101
	104		Series 2705, Class SD, IF, 8.745%, 11/15/33		101
	20		Series 2744, Class FE, VAR, 0.000%, 02/15/34		20
	359		Series 2744, Class TU, 5.500%, 05/15/32		388
	67		Series 2755, Class PA, PO, 02/15/29		67
	50		Series 2755, Class SA, IF, 13.804%, 05/15/30		56
	75		Series 2776, Class SK, IF, 8.778%, 04/15/34		74
	762		Series 2777, Class KO, PO, 02/15/33		691
	300		Series 2802, Class MB, 5.500%, 11/15/31		317
	114		Series 2815, Class YS, IF, 9.590%, 01/15/34		116
	800		Series 2907, Class VC, 4.500%, 05/15/34		855
	315		Series 2934, Class EC, PO, 02/15/20		285
	261		Series 2990, Class SL, HB, IF, 23.767%, 06/15/34		365
	500		Series 2999, Class ND, 4.500%, 07/15/20		546
	315		Series 3068, Class AO, PO, 01/15/35		291
	362		Series 3117, Class EO, PO, 02/15/36		309
	44		Series 3117, Class OK, PO, 02/15/36		36
	584		Series 3122, Class OH, PO, 03/15/36		505
	507		Series 3137, Class XP, 6.000%, 04/15/36		566
	28		Series 3149, Class SO, PO, 05/15/36		21
	600		Series 3152, Class MO, PO, 03/15/36		506
	280		Series 3171, Class MO, PO, 06/15/36		236
	275		Series 3179, Class OA, PO, 07/15/36		231
	1,045		Series 3202, Class HI, IF, IO, 6.452%, 08/15/36		180
	264		Series 3232, Class ST, IF, IO, 6.502%, 10/15/36		37
	374		Series 3253, Class PO, PO, 12/15/21		344
	574		Series 3481, Class SJ, IF, IO, 5.652%, 08/15/38		66

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	288		Series 3607, Class AO, PO, 04/15/36		228
	283		Series 3607, Class EO, PO, 02/15/33		254
	254		Series 3611, Class PO, PO, 07/15/34		214
	943		Series 3666, Class VA, 5.500%, 12/15/22		1,042
	957		Series 3680, Class MA, 4.500%, 07/15/39		1,025
	137		Federal Home Loan Mortgage Corp. STRIPS, Series 243, Class 16, IO, 4.500%, 11/15/20		15
			Federal Home Loan Mortgage Corp. Structured Pass-Through Securities,
	56		Series T-41, Class 3A, VAR, 7.079%, 07/25/32		64
	47		Series T-51, Class 2A, VAR, 7.500%, 08/25/42		55
	480		Series T-54, Class 2A, 6.500%, 02/25/43		545
	165		Series T-54, Class 3A, 7.000%, 02/25/43		194
	1,274		Series T-56, Class A5, 5.231%, 05/25/43		1,356
	45		Series T-58, Class APO, PO, 09/25/43		34
	351		Series T-76, Class 2A, VAR, 3.642%, 10/25/37		357
	187		Federal National Mortgage Association Grantor Trust, Series 2001-T10, Class A2, 7.500%, 12/25/41		216
			Federal National Mortgage Association REMICS,
	3		Series 1988-7, Class Z, 9.250%, 04/25/18		3
	13		Series 1989-70, Class G, 8.000%, 10/25/19		15
	7		Series 1989-78, Class H, 9.400%, 11/25/19		8
	4		Series 1989-83, Class H, 8.500%, 11/25/19		5
	4		Series 1989-89, Class H, 9.000%, 11/25/19		5
	1		Series 1990-1, Class D, 8.800%, 01/25/20		2
	3		Series 1990-7, Class B, 8.500%, 01/25/20		3
	2		Series 1990-60, Class K, 5.500%, 06/25/20		2
	3		Series 1990-63, Class H, 9.500%, 06/25/20		3
	2		Series 1990-93, Class G, 5.500%, 08/25/20		2
	—	(h)	Series 1990-94, Class H, HB, 505.000%, 08/25/20		—	(h)
	—	(h)	Series 1990-95, Class J, HB, 1,118.040%, 08/25/20		1
	15		Series 1990-102, Class J, 6.500%, 08/25/20		17
	5		Series 1990-120, Class H, 9.000%, 10/25/20		6
	1		Series 1990-134, Class SC, HB, IF, 21.272%, 11/25/20		2
	—	(h)	Series 1990-140, Class K, HB, 652.145%, 12/25/20		1
	—	(h)	Series 1991-7, Class K, HB, 908.500%, 02/25/21		—	(h)
	7		Series 1991-42, Class S, IF, 17.292%, 05/25/21		9
	107		Series 1992-107, Class SB, HB, IF, 29.421%, 06/25/22		176
	7		Series 1992-143, Class MA, 5.500%, 09/25/22		8
	49		Series 1993-25, Class J, 7.500%, 03/25/23		56
	297		Series 1993-37, Class PX, 7.000%, 03/25/23		334
	104		Series 1993-54, Class Z, 7.000%, 04/25/23		117
	22		Series 1993-62, Class SA, IF, 17.145%, 04/25/23		30
	28		Series 1993-122, Class M, 6.500%, 07/25/23		32
	11		Series 1993-165, Class SD, IF, 11.776%, 09/25/23		12
	46		Series 1993-178, Class PK, 6.500%, 09/25/23		52
	871		Series 1993-183, Class KA, 6.500%, 10/25/23		979
	353		Series 1993-189, Class PL, 6.500%, 10/25/23		396
	28		Series 1993-225, Class SG, HB, IF, 26.596%, 12/25/13		35
	74		Series 1993-247, Class SA, HB, IF, 24.580%, 12/25/23		113
	137		Series 1993-250, Class Z, 7.000%, 12/25/23		148
	143		Series 1993-257, Class C, PO, 06/25/23		141
	5		Series 1994-9, Class E, PO, 11/25/23		4
	195		Series 1996-14, Class SE, IF, IO, 7.340%, 08/25/23		34
	10		Series 1996-27, Class FC, VAR, 0.719%, 03/25/17		10
	24		Series 1996-59, Class J, 6.500%, 08/25/22		27
	53		Series 1996-59, Class K, 6.500%, 07/25/23		54

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Agency CMO — Continued
	95		Series 1997-20, Class IB, IO, VAR, 1.840%, 03/25/27		4
	96		Series 1997-20, Class IO, IO, VAR, 1.840%, 03/25/27		5
	49		Series 1997-27, Class J, 7.500%, 04/18/27		54
	45		Series 1997-29, Class J, 7.500%, 04/20/27		51
	98		Series 1997-39, Class PD, 7.500%, 05/20/27		110
	39		Series 1997-81, Class PI, IO, 7.000%, 12/18/27		8
	6		Series 1998-4, Class C, PO, 04/25/23		5
	64		Series 1998-36, Class ZB, 6.000%, 07/18/28		72
	453		Series 1998-43, Class EA, PO, 04/25/23		414
	234		Series 2000-2, Class ZE, 7.500%, 02/25/30		269
	97		Series 2001-4, Class PC, 7.000%, 03/25/21		106
	63		Series 2001-5, Class OW, 6.000%, 03/25/16		65
	252		Series 2001-33, Class ID, IO, 6.000%, 07/25/31		53
	197		Series 2001-36, Class DE, 7.000%, 08/25/31		226
	58		Series 2001-44, Class PD, 7.000%, 09/25/31		67
	368		Series 2001-48, Class Z, 6.500%, 09/25/21		413
	60		Series 2001-49, Class Z, 6.500%, 09/25/31		68
	144		Series 2001-71, Class MB, 6.000%, 12/25/16		155
	188		Series 2001-71, Class QE, 6.000%, 12/25/16		202
	1,042		Series 2001-74, Class MB, 6.000%, 12/25/16		1,125
	39		Series 2001-80, Class PE, 6.000%, 07/25/29		39
	44		Series 2001-81, Class LO, PO, 01/25/32		38
	125		Series 2002-1, Class HC, 6.500%, 02/25/22		134
	50		Series 2002-1, Class SA, HB, IF, 24.557%, 02/25/32		73
	85		Series 2002-2, Class UC, 6.000%, 02/25/17		92
	180		Series 2002-3, Class OG, 6.000%, 02/25/17		194
	—	(h)	Series 2002-18, Class PC, 5.500%, 04/25/17		—	(h)
	157		Series 2002-21, Class PE, 6.500%, 04/25/32		177
	305		Series 2002-24, Class AJ, 6.000%, 04/25/17		334
	146		Series 2002-28, Class PK, 6.500%, 05/25/32		166
	202		Series 2002-37, Class Z, 6.500%, 06/25/32		230
	442		Series 2002-84, Class VB, 5.500%, 04/25/15		478
	17		Series 2002-91, Class UH, IO, 5.500%, 06/25/22		1
	405		Series 2002-94, Class BK, 5.500%, 01/25/18		442
	202		Series 2003-22, Class UD, 4.000%, 04/25/33		204
	162		Series 2003-34, Class GB, 6.000%, 03/25/33		182
	304		Series 2003-34, Class GE, 6.000%, 05/25/33		353
	38		Series 2003-39, Class IO, IO, VAR, 6.000%, 05/25/33		8
	405		Series 2003-47, Class PE, 5.750%, 06/25/33		455
	94		Series 2003-52, Class SX, HB, IF, 22.368%, 10/25/31		136
	123		Series 2003-64, Class SX, IF, 13.224%, 07/25/33		130
	362		Series 2003-71, Class DS, IF, 7.186%, 08/25/33		360
	386		Series 2003-73, Class GA, 3.500%, 05/25/31		402
	438		Series 2003-80, Class SY, IF, IO, 7.456%, 06/25/23		50
	405		Series 2003-83, Class PG, 5.000%, 06/25/23		440
	65		Series 2003-91, Class SD, IF, 12.177%, 09/25/33		74
	146		Series 2003-106, Class US, IF, 8.784%, 11/25/23		147
	446		Series 2003-116, Class SB, IF, IO, 7.406%, 11/25/33		74
	83		Series 2003-128, Class KE, 4.500%, 01/25/14		86
	500		Series 2003-128, Class NG, 4.000%, 01/25/19		533
	114		Series 2003-130, Class SX, IF, 11.229%, 01/25/34		127
	159		Series 2004-14, Class SD, IF, 8.784%, 03/25/34		155
	1,000		Series 2004-21, Class AE, 4.000%, 04/25/19		1,064
	45		Series 2004-21, Class CO, PO, 04/25/34		35
	405		Series 2004-25, Class PC, 5.500%, 01/25/34		448
	335		Series 2004-25, Class SA, IF, 18.992%, 04/25/34		434

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	263	Series 2004-36, Class PC, 5.500%, 02/25/34		291
	246	Series 2004-36, Class SA, IF, 18.992%, 05/25/34		326
	189	Series 2004-46, Class SK, IF, 15.967%, 05/25/34		224
	85	Series 2004-61, Class CO, PO, 10/25/31		84
	148	Series 2004-61, Class SH, HB, IF, 23.212%, 11/25/32		202
	178	Series 2004-74, Class SW, IF, 15.106%, 11/25/31		222
	287	Series 2004-76, Class CL, 4.000%, 10/25/19		304
	1,750	Series 2004-86, Class AE, 4.500%, 02/25/32		1,867
	99	Series 2005-40, Class YA, 5.000%, 09/25/20		102
	233	Series 2005-45, Class DC, HB, IF, 23.599%, 06/25/35		337
	157	Series 2005-52, Class PA, 6.500%, 06/25/35		172
	232	Series 2005-56, Class S, IF, IO, 6.516%, 07/25/35		37
	413	Series 2005-56, Class TP, IF, 17.568%, 08/25/33		516
	1,273	Series 2005-68, Class PG, 5.500%, 08/25/35		1,413
	482	Series 2005-73, Class PS, IF, 16.215%, 08/25/35		583
	225	Series 2005-74, Class CS, IF, 19.486%, 05/25/35		296
	449	Series 2005-106, Class US, HB, IF, 23.855%, 11/25/35		658
	578	Series 2006-27, Class OH, PO, 04/25/36		504
	646	Series 2006-43, Class VB, 6.500%, 10/25/17		699
	247	Series 2006-44, Class P, PO, 12/25/33		213
	529	Series 2006-59, Class QO, PO, 01/25/33		478
	203	Series 2006-65, Class QO, PO, 07/25/36		178
	303	Series 2006-72, Class GO, PO, 08/25/36		264
	500	Series 2006-77, Class PC, 6.500%, 08/25/36		575
	241	Series 2006-79, Class DO, PO, 08/25/36		212
	548	Series 2006-110, Class PO, PO, 11/25/36		471
	1,000	Series 2006-124, Class HB, VAR, 5.962%, 11/25/36		1,095
	431	Series 2007-14, Class ES, IF, IO, 6.246%, 03/25/37		66
	256	Series 2007-79, Class SB, HB, IF, 23.305%, 08/25/37		349
	500	Series 2007-81, Class GE, 6.000%, 08/25/37		568
	1,525	Series 2007-84, Class PD, 6.000%, 08/25/32		1,600
	440	Series 2007-88, Class VI, IF, IO, 6.346%, 09/25/37		62
	1,186	Series 2007-91, Class ES, IF, IO, 6.266%, 10/25/37		183
	91	Series 2007-97, Class MS, IF, 14.311%, 12/25/31		96
	317	Series 2007-106, Class A7, VAR, 5.975%, 10/25/37		336
	289	Series 2007-116, Class HI, IO, VAR, 6.418%, 01/25/38		25
	208	Series 2008-10, Class XI, IF, IO, 6.036%, 03/25/38		27
	269	Series 2008-16, Class IS, IF, IO, 6.006%, 03/25/38		33
	265	Series 2008-28, Class QS, HB, IF, 20.118%, 04/25/38		345
	319	Series 2008-46, Class HI, IO, VAR, 6.724%, 06/25/38		26
	117	Series 2008-66, Class GD, 6.000%, 06/25/30		123
	308	Series 2009-69, Class PO, PO, 09/25/39		256
	758	Series 2009-71, Class BC, 4.500%, 09/25/24		802
	539	Series 2009-103, Class MB, 4.000%, 12/25/39		572
	1,447	Series 2010-133, Class A, 5.500%, 05/25/38		1,562
	4	Series G-14, Class L, 8.500%, 06/25/21		5
	22	Series G-18, Class Z, 8.750%, 06/25/21		26
	6	Series G-22, Class G, 6.000%, 12/25/16		6
	17	Series G-35, Class M, 8.750%, 10/25/21		19
	67	Series G92-35, Class E, 7.500%, 07/25/22		75
	4	Series G92-42, Class Z, 7.000%, 07/25/22		4
	79	Series G92-44, Class ZQ, 8.000%, 07/25/22		90
	71	Series G92-54, Class ZQ, 7.500%, 09/25/22		80
	15	Series G93-5, Class Z, 6.500%, 02/25/23		17
	19	Series G95-1, Class C, 8.800%, 01/25/25		22

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
		Federal National Mortgage Association STRIPS,
	1	Series 50, Class 2, IO, 10.500%, 03/01/19		—	(h)
	5	Series 218, Class 2, IO, 7.500%, 04/01/23		1
	53	Series 329, Class 1, PO, 01/01/33		47
		Federal National Mortgage Association Whole Loan,
	225	Series 2003-W1, Class 1A1, VAR, 6.362%, 12/25/42		258
	65	Series 2003-W4, Class 2A, VAR, 6.500%, 10/25/42		73
	161	Series 2004-W2, Class 2A2, 7.000%, 02/25/44		186
	127	Series 2007-W7, Class 1A4, HB, IF, 38.016%, 07/25/37		189
		Government National Mortgage Association,
	57	Series 1994-3, Class PQ, 7.488%, 07/16/24		67
	187	Series 1994-4, Class KQ, 7.988%, 07/16/24		215
	366	Series 1994-7, Class PQ, 6.500%, 10/16/24		417
	86	Series 1995-3, Class DQ, 8.050%, 06/16/25		99
	21	Series 1995-7, Class CQ, 7.500%, 09/16/25		24
	167	Series 1996-16, Class E, 7.500%, 08/16/26		190
	33	Series 1998-26, Class K, 7.500%, 09/17/25		38
	486	Series 1999-10, Class ZC, 6.500%, 04/20/29		550
	58	Series 1999-30, Class S, IF, IO, 8.402%, 08/16/29		9
	53	Series 1999-41, Class Z, 8.000%, 11/16/29		61
	44	Series 1999-44, Class PC, 7.500%, 12/20/29		50
	101	Series 2000-6, Class Z, 7.500%, 02/20/30		114
	18	Series 2000-9, Class Z, 8.000%, 06/20/30		21
	427	Series 2000-9, Class ZJ, 8.500%, 02/16/30		514
	163	Series 2000-14, Class PD, 7.000%, 02/16/30		179
	47	Series 2000-16, Class ZN, 7.500%, 02/16/30		50
	247	Series 2000-37, Class B, 8.000%, 12/20/30		287
	20	Series 2000-38, Class AH, 7.150%, 12/20/30		23
	138	Series 2001-7, Class PK, 6.500%, 03/20/31		150
	8	Series 2001-32, Class WA, IF, 19.636%, 07/20/31		11
	290	Series 2001-64, Class MQ, 6.500%, 12/20/31		308
	50	Series 2002-7, Class PG, 6.500%, 01/20/32		58
	67	Series 2002-31, Class S, IF, IO, 8.502%, 01/16/31		18
	195	Series 2002-40, Class UK, 6.500%, 06/20/32		221
	188	Series 2002-47, Class PG, 6.500%, 07/16/32		213
	248	Series 2002-47, Class PY, 6.000%, 07/20/32		277
	233	Series 2002-47, Class ZA, 6.500%, 07/20/32		262
	19	Series 2002-51, Class SG, HB, IF, 31.652%, 04/20/31		32
	109	Series 2002-54, Class GB, 6.500%, 08/20/32		123
	87	Series 2003-4, Class NI, IO, 5.500%, 01/20/32		5
	117	Series 2003-4, Class NY, 5.500%, 12/20/13		123
	41	Series 2003-24, Class PO, PO, 03/16/33		32
	304	Series 2003-40, Class TJ, 6.500%, 03/20/33		350
	189	Series 2003-52, Class AP, PO, 06/16/33		149
	41	Series 2004-28, Class S, IF, 19.118%, 04/16/34		55
	74	Series 2004-68, Class PO, PO, 05/20/31		71
	161	Series 2004-71, Class SB, HB, IF, 28.503%, 09/20/34		226
	81	Series 2004-73, Class AE, IF, 14.447%, 08/17/34		98
	786	Series 2004-90, Class SI, IF, IO, 5.904%, 10/20/34		118
	234	Series 2005-68, Class DP, IF, 15.957%, 06/17/35		286
	1,630	Series 2005-68, Class KI, IF, IO, 6.104%, 09/20/35		229
	192	Series 2006-59, Class SD, IF, IO, 6.504%, 10/20/36		31
	632	Series 2007-17, Class JI, IF, IO, 6.612%, 04/16/37		91
	773	Series 2007-27, Class SA, IF, IO, 6.004%, 05/20/37		92
	1,250	Series 2007-40, Class SB, IF, IO, 6.554%, 07/20/37		173
	805	Series 2007-45, Class QA, IF, IO, 6.444%, 07/20/37		108
	338	Series 2007-49, Class NO, PO, 12/20/35		336

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Agency CMO — Continued
	978	Series 2007-50, Class AI, IF, IO, 6.579%, 08/20/37		135
	185	Series 2007-53, Class ES, IF, IO, 6.354%, 09/20/37		25
	245	Series 2007-53, Class SW, IF, 19.618%, 09/20/37		308
	483	Series 2007-57, Class QA, IF, IO, 6.304%, 10/20/37		63
	339	Series 2007-71, Class SB, IF, IO, 6.504%, 07/20/36		38
	470	Series 2007-72, Class US, IF, IO, 6.354%, 11/20/37		63
	471	Series 2007-76, Class SA, IF, IO, 6.334%, 11/20/37		63
	123	Series 2008-25, Class SB, IF, IO, 6.704%, 03/20/38		17
	258	Series 2008-33, Class XS, IF, IO, 7.502%, 04/16/38		35
	519	Series 2008-40, Class SA, IF, IO, 6.202%, 05/16/38		81
	500	Series 2008-50, Class KB, 6.000%, 06/20/38		569
	666	Series 2008-55, Class SA, IF, IO, 6.004%, 06/20/38		85
	577	Series 2008-93, Class AS, IF, IO, 5.504%, 12/20/38		61
	263	Series 2009-6, Class SA, IF, IO, 5.902%, 02/16/39		32
	269	Series 2009-14, Class NI, IO, 6.500%, 03/20/39		45
	1,017	Series 2009-22, Class SA, IF, IO, 6.074%, 04/20/39		118
	1,030	Series 2009-31, Class ST, IF, IO, 6.154%, 03/20/39		132
	1,030	Series 2009-31, Class TS, IF, IO, 6.104%, 03/20/39		122
	628	Series 2009-79, Class OK, PO, 11/16/37		561
	1,311	Series 2009-106, Class ST, IF, IO, 5.804%, 02/20/38		170
	386	Series 2010-14, Class AO, PO, 12/20/32		359
	445	Series 2010-130, Class CP, 7.000%, 10/16/40		515
		NCUA Guaranteed Notes,
	1,152	Series 2010-C1, Class APT, 2.650%, 10/29/20		1,166
	238	Series 2010-R3, Class 3A, 2.400%, 12/08/20		238
		Vendee Mortgage Trust,
	905	Series 1993-1, Class ZB, 7.250%, 02/15/23		1,042
	367	Series 1994-1, Class 1, VAR, 5.627%, 02/15/24		404
	521	Series 1996-1, Class 1Z, 6.750%, 02/15/26		600
	175	Series 1996-2, Class 1Z, 6.750%, 06/15/26		202
	688	Series 1997-1, Class 2Z, 7.500%, 02/15/27		804
	175	Series 1998-1, Class 2E, 7.000%, 03/15/28		202
				85,812
		Non-Agency CMO — 5.6%
	30	ABN Amro Mortgage Corp., Series 2003-9, Class A2, 4.500%, 08/25/18		30
		American General Mortgage Loan Trust,
	350	Series 2009-1, Class A4, VAR, 5.750%, 09/25/48 (e)		357
	200	Series 2009-1, Class A5, VAR, 5.750%, 09/25/48 (e)		203
	400	Series 2009-1, Class A7, VAR, 5.750%, 09/25/48 (e)		407
		ASG Resecuritization Trust,
	287	Series 2009-1, Class A60, VAR, 5.311%, 06/26/37 (e)		289
	332	Series 2009-2, Class A55, VAR, 5.371%, 05/24/36 (e)		339
	631	Series 2009-3, Class A65, VAR, 5.348%, 03/26/37 (e)		632
		Banc of America Alternative Loan Trust,
	242	Series 2003-7, Class 2A4, 5.000%, 09/25/18		247
	182	Series 2003-9, Class 1CB2, 5.500%, 11/25/33		187
	62	Series 2003-11, Class PO, PO, 01/25/34		43
		Banc of America Funding Corp.,
	73	Series 2004-1, Class PO, PO, 03/25/34		59
	56	Series 2004-3, Class 1A7, 5.500%, 10/25/34		56
		Banc of America Mortgage Securities, Inc.,
	44	Series 2003-8, Class APO, PO, 11/25/33		32
	117	Series 2004-1, Class APO, PO, 02/25/34		88
	200	Series 2004-3, Class 1A26, 5.500%, 04/25/34		205
	76	Series 2004-6, Class APO, PO, 07/25/34		55
	803	BCAP LLC Trust, Series 2010- RR7, Class 2A1, VAR, 5.283%, 07/26/45 (e)		801
	218	Bear Stearns Adjustable Rate Mortgage Trust, Series 2005-5, Class A1, VAR, 2.340%, 08/25/35		207

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
		Non-Agency CMO — Continued
		Citigroup Mortgage Loan Trust, Inc.,
	55	Series 2003-UP3, Class A3, 7.000%, 09/25/33		55
	161	Series 2003-UST1, Class A1, 5.500%, 12/25/18		163
	22	Series 2003-UST1, Class PO1, PO, 12/25/18		19
	21	Series 2003-UST1, Class PO3, PO, 12/25/18		18
	304	Series 2008-AR4, Class 1A1A, VAR, 5.284%, 11/25/38		303
		Countrywide Alternative Loan Trust,
	349	Series 2002-8, Class A4, 6.500%, 07/25/32		367
	1,523	Series 2004-2CB, Class 1A9, 5.750%, 03/25/34		1,449
	290	Series 2004-18CB, Class 2A4, 5.700%, 09/25/34		297
	46	Series 2005-26CB, Class A10, IF, 12.698%, 07/25/35		46
	500	Series 2005-54CB, Class 1A11, 5.500%, 11/25/35		425
		Countrywide Home Loan Mortgage Pass-Through Trust,
	355	Series 2003-26, Class 1A6, 3.500%, 08/25/33		338
	62	Series 2003-J13, Class PO, PO, 01/25/34		46
	114	Series 2003-J7, Class 4A3, IF, 9.522%, 08/25/18		119
	165	Series 2004-5, Class 1A4, 5.500%, 06/25/34		172
	50	Series 2004-HYB3, Class 2A, VAR, 2.567%, 06/20/34		40
	493	Series 2005-22, Class 2A1, VAR, 3.084%, 11/25/35		346
	245	Series 2005-R1, Class 2APO, PO, 03/25/35 (e)		207
	130	Credit Suisse Mortgage Capital Certificates, Series 2010-15R, Class 7A1, VAR, 5.340%, 10/26/37 (e)		131
	204	CS First Boston Mortgage Securities Corp., Series 2003-23, Class 2A5, 5.000%, 10/25/18		210
	378	Deutsche ALT-A Securities, Inc. Alternate Loan Trust, Series 2005- 3, Class 1A1, VAR, 5.296%, 06/25/20		357
	68	Deutsche Mortgage Securities, Inc., Series 2004-1, Class 2APO, PO, 10/25/18		58
		First Horizon Asset Securities, Inc.,
	117	Series 2004-AR7, Class 2A1, VAR, 2.741%, 02/25/35		113
	202	Series 2004-AR7, Class 2A2, VAR, 2.741%, 02/25/35		184
	253	Series 2005-AR1, Class 2A2, VAR, 2.750%, 04/25/35		239
	500	GSR Mortgage Loan Trust, Series 2006-1F, Class 1A3, 5.500%, 02/25/36		452
	62	Impac Secured Assets CMN Owner Trust, Series 2002-2, Class APO, PO, 04/25/33		45
	419	Indymac Index Mortgage Loan Trust, Series 2005-AR11, Class A7, IO, VAR, 0.261%, 08/25/35		3
	152	JP Morgan Mortgage Trust, Series 2006-A2, Class 4A1, VAR, 2.909%, 08/25/34		148
		MASTR Adjustable Rate Mortgages Trust,
	66	Series 2004-3, Class 4A2, VAR, 2.191%, 04/25/34		59
	185	Series 2004-13, Class 2A1, VAR, 2.796%, 04/21/34		182
	156	Series 2004-13, Class 3A6, VAR, 2.874%, 11/21/34		156
		MASTR Alternative Loans Trust,
	361	Series 2003-9, Class 8A1, 6.000%, 01/25/34		361
	1,034	Series 2004-4, Class 10A1, 5.000%, 05/25/24		1,055
	49	Series 2004-7, Class 30PO, PO, 08/25/34		34
	88	Series 2004-10, Class 1A1, 4.500%, 09/25/19		89
	369	Series 2005-6, Class 3A1, 5.500%, 11/25/20		357
		MASTR Asset Securitization Trust,
	278	Series 2003-2, Class 1A1, 5.000%, 03/25/18		283
	46	Series 2004-8, Class PO, PO, 08/25/19		39
	262	MASTR Resecuritization Trust, Series 2005-PO, Class 3PO, PO, 05/28/35 (e)		170
	70	MortgageIT Trust, Series 2005-1, Class 1A1, VAR, 0.514%, 02/25/35		55
		Nomura Asset Acceptance Corp.,
	95	Series 2003-A1, Class A1, 5.500%, 05/25/33		98
	43	Series 2003-A1, Class A2, 6.000%, 05/25/33		43
	13	Series 2003-A1, Class A5, 7.000%, 04/25/33		14

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)			SECURITY DESCRIPTION	VALUE ($)
	Collateralized Mortgage Obligations — Continued
			Non-Agency CMO — Continued
	97		Series 2004-R2, Class A1, VAR, 6.500%, 10/25/34 (e)		98
	—	(h)	Paine Webber CMO Trust, Series H, Class 4, 8.750%, 04/01/18		—	(h)
			Residential Accredit Loans, Inc.,
	91		Series 2002-QS16, Class A3, IF, 16.217%, 10/25/17		99
	463		Series 2002-QS8, Class A5, 6.250%, 06/25/17		470
	119		Series 2003-QS3, Class A2, IF, 16.073%, 02/25/18		130
	482		Series 2003-QS9, Class A3, IF, IO, 7.356%, 05/25/18		68
	419		Series 2004-QS3, Class CB, 5.000%, 03/25/19		428
	62		Series 2004-QS8, Class A2, 5.000%, 06/25/34		62
	53		Residential Asset Securitization Trust, Series 2003-A14, Class A1, 4.750%, 02/25/19		55
			Salomon Brothers Mortgage Securities VII, Inc.,
	163		Series 2003-HYB1, Class A, VAR, 3.217%, 09/25/33		160
	25		Series 2003-UP2, Class PO1, PO, 12/25/18		19
			Structured Asset Securities Corp.,
	216		Series 2003-33H, Class 1A1, 5.500%, 10/25/33		220
	210		Series 2005-6, Class 4A1, 5.000%, 05/25/35		207
			WaMu Mortgage Pass-Through Certificates,
	173		Series 2002-S8, Class 2A7, 5.250%, 01/25/18		177
	41		Series 2003-S10, Class A6, PO, 10/25/18		42
	57		Series 2003-S11, Class 2A5, IF, 16.516%, 11/25/33		60
	145		Series 2004-AR3, Class A2, VAR, 2.578%, 06/25/34		143
	379		Washington Mutual Alternative Mortgage Pass-Through Certificates, Series 2005-4, Class CB7, 5.500%, 06/25/35		325
			Washington Mutual MSC Mortgage Pass-Through Certificates,
	115		Series 2003-MS2, Class 1A1, 5.750%, 02/25/33		120
	28		Series 2003-MS7, Class P, PO, 03/25/33		23
			Wells Fargo Mortgage-Backed Securities Trust,
	56		Series 2003-11, Class 1APO, PO, 10/25/18		48
	236		Series 2003-13, Class A7, 4.500%, 11/25/18		240
	232		Series 2003-15, Class 1A1, 4.750%, 12/25/18		240
	200		Series 2003-K, Class 1A1, VAR, 4.447%, 11/25/33		199
	96		Series 2004-7, Class 2A2, 5.000%, 07/25/19		99
	244		Series 2004-BB, Class A4, VAR, 2.746%, 01/25/35		241
	190		Series 2004-EE, Class 3A1, VAR, 2.920%, 12/25/34		187
					17,742
			Total Collateralized Mortgage Obligations (Cost $97,878)		103,554
	Commercial Mortgage-Backed Securities — 1.5%
			Banc of America Commercial Mortgage, Inc.,
	150		Series 2005-3, Class AM, 4.727%, 07/10/43		154
	461		Series 2005-6, Class ASB, VAR, 5.195%, 09/10/47		489
	50		Series 2006-1, Class A4, VAR, 5.372%, 09/10/45		54
	300		Series 2006-4, Class A4, 5.634%, 07/10/46		331
			Bear Stearns Commercial Mortgage Securities,
	253		Series 2005-PWR9, Class AAB, 4.804%, 09/11/42		263
	360		Series 2006-PW11, Class A4, VAR, 5.452%, 03/11/39		398
	122		Series 2006-PW14, Class A1, 5.044%, 12/11/38		123
	45		Citigroup Commercial Mortgage Trust, Series 2006-C4, Class A1, VAR, 5.729%, 03/15/49		45
	300		GMAC Commercial Mortgage Securities, Inc., Series 2006-C1, Class A4, VAR, 5.238%, 11/10/45		326
	50		LB-UBS Commercial Mortgage Trust, Series 2006-C1, Class A4, 5.156%, 02/15/31		54
	403		Merrill Lynch Mortgage Trust, Series 2005-MCP1, Class ASB, VAR, 4.674%, 06/12/43		422
	400		Morgan Stanley Reremic Trust, Series 2010-HQ4B, Class A7A, 4.970%, 04/16/40 (e)		426
	1,000		TIAA Seasoned Commercial Mortgage Trust, Series 2007-C4, Class A3, VAR, 5.983%, 08/15/39		1,096

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Commercial Mortgage-Backed Securities — Continued
	558	Wachovia Bank Commercial Mortgage Trust, Series 2004-C15, Class A2, 4.039%, 10/15/41		559
		Total Commercial Mortgage- Backed Securities (Cost $4,409)		4,740
	Corporate Bonds — 17.8%
	Consumer Discretionary — 1.0%
		Automobiles — 0.0% (g)
	100	Daimler Finance North America LLC, 7.300%, 01/15/12		104
		Hotels, Restaurants & Leisure — 0.0% (g)
	150	McDonald’s Corp., 4.300%, 03/01/13		159
		Household Durables — 0.0% (g)
	50	Newell Rubbermaid, Inc., 4.700%, 08/15/20		51
		Media — 0.7%
		CBS Corp.,
	25	5.750%, 04/15/20		27
	135	8.875%, 05/15/19		175
	200	Comcast Cable Communications Holdings, Inc., 8.375%, 03/15/13		225
	100	Comcast Corp., 5.900%, 03/15/16		114
	50	Cox Communications, Inc., 5.450%, 12/15/14		56
		DIRECTV Holdings LLC/DIRECTV Financing Co., Inc.,
	150	4.600%, 02/15/21		152
	353	5.000%, 03/01/21		367
		News America, Inc.,
	100	7.250%, 05/18/18		122
	100	7.700%, 10/30/25		124
	60	Thomson Reuters Corp., (Canada), 4.700%, 10/15/19		64
		Time Warner Cable, Inc.,
	100	5.850%, 05/01/17		112
	50	6.750%, 07/01/18		58
	100	8.250%, 02/14/14		117
	150	8.250%, 04/01/19		187
	35	8.750%, 02/14/19		45
	223	Time Warner Entertainment Co. LP, 10.150%, 05/01/12		241
				2,186
		Multiline Retail — 0.2%
	40	Kohl’s Corp., 6.250%, 12/15/17		47
	400	Target Corp., 6.000%, 01/15/18		471
				518
		Specialty Retail — 0.1%
	130	Home Depot, Inc., 5.400%, 03/01/16		146
	95	Staples, Inc., 9.750%, 01/15/14		114
				260
		Total Consumer Discretionary		3,278
	Consumer Staples — 0.7%
		Beverages — 0.3%
	75	Anheuser-Busch Cos., Inc., 5.500%, 01/15/18		85
	200	Anheuser-Busch InBev Worldwide, Inc., 7.750%, 01/15/19		255
		Coca-Cola Co. (The),
	100	3.625%, 03/15/14		107
	50	4.875%, 03/15/19		56
	70	Diageo Capital plc, (United Kingdom), 4.828%, 07/15/20		74
		Diageo Finance B.V., (Netherlands),
	30	5.300%, 10/28/15		34
	100	5.500%, 04/01/13		108
	85	FBG Finance Ltd., (Australia), 5.125%, 06/15/15 (e)		93
	6	PepsiCo, Inc., 7.900%, 11/01/18		8
	30	SABMiller plc, (United Kingdom), 6.500%, 07/01/16 (e)		35
				855
		Food & Staples Retailing — 0.0% (g)
	50	Kroger Co. (The), 7.500%, 01/15/14		57
		Food Products — 0.4%
		Bunge Ltd. Finance Corp.,
	50	5.875%, 05/15/13		54
	135	8.500%, 06/15/19		165
	14	Bunge N.A. Finance LP, 5.900%, 04/01/17		15
	106	Cargill, Inc., 4.307%, 05/14/21 (e)		108
		Kellogg Co.,
	100	4.250%, 03/06/13		106
	200	5.125%, 12/03/12		213
		Kraft Foods, Inc.,
	100	5.375%, 02/10/20		109
	450	6.125%, 02/01/18		518
				1,288
		Household Products — 0.0% (g)
	81	Procter & Gamble - ESOP, 9.360%, 01/01/21		105
		Total Consumer Staples		2,305
	Energy — 0.7%
		Energy Equipment & Services — 0.0% (g)
	100	Transocean, Inc., (Cayman Islands), 6.500%, 11/15/20		113
		Oil, Gas & Consumable Fuels — 0.7%
	25	Apache Corp., 6.900%, 09/15/18		31
	150	Canadian Natural Resources Ltd., (Canada), 5.900%, 02/01/18		173
	150	ConocoPhillips, 5.750%, 02/01/19		175
	100	EnCana Corp., (Canada), 6.500%, 05/15/19		121
	200	ENI S.p.A., (Italy), 4.150%, 10/01/20 (e)		196

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Oil, Gas & Consumable Fuels — Continued
	100	EOG Resources, Inc., 4.100%, 02/01/21		100
		Marathon Oil Corp.,
	228	5.900%, 03/15/18		262
	175	6.000%, 10/01/17		203
	40	PC Financial Partnership, 5.000%, 11/15/14		44
	97	Petro-Canada, (Canada), 6.050%, 05/15/18		111
		Shell International Finance B.V., (Netherlands),
	55	1.875%, 03/25/13		56
	184	3.100%, 06/28/15		193
	55	4.000%, 03/21/14		59
	195	4.375%, 03/25/20		208
	67	Statoil ASA, (Norway), 3.125%, 08/17/17		68
	175	Total Capital S.A., (France), 2.300%, 03/15/16		175
				2,175
		Total Energy		2,288
	Financials — 10.6%
		Capital Markets — 2.9%
		Bank of New York Mellon Corp. (The),
	250	2.950%, 06/18/15		259
	75	3.100%, 01/15/15		79
	75	4.600%, 01/15/20		80
		BlackRock, Inc.,
	325	3.500%, 12/10/14		344
	326	5.000%, 12/10/19		351
	100	Blackstone Holdings Finance Co. LLC, 5.875%, 03/15/21 (e)		101
	40	Charles Schwab Corp. (The), 4.950%, 06/01/14		44
		Goldman Sachs Group, Inc. (The),
	255	3.625%, 02/07/16		256
	66	3.700%, 08/01/15		67
	300	5.500%, 11/15/14		328
	1,100	5.950%, 01/18/18		1,191
	150	7.500%, 02/15/19		176
		Jefferies Group, Inc.,
	111	3.875%, 11/09/15		113
	150	5.125%, 04/13/18		152
	125	8.500%, 07/15/19		152
		Lehman Brothers Holdings, Inc.,
	300	4.800%, 03/13/14 (d)		78
	350	6.000%, 07/19/12 (d)		91
	455	6.625%, 01/18/12 (d)		118
	75	6.750%, 12/28/17 (d)		—	(h)
	100	Macquarie Group Ltd., (Australia), 7.300%, 08/01/14 (e)		114
		Merrill Lynch & Co., Inc.,
	200	5.000%, 01/15/15		215
	157	5.450%, 07/15/14		170
	50	6.150%, 04/25/13		54
	814	6.400%, 08/28/17		913
	266	6.875%, 04/25/18		303
		Morgan Stanley,
	104	4.000%, 07/24/15		108
	195	4.200%, 11/20/14		204
	147	4.750%, 04/01/14		155
	800	5.300%, 03/01/13		853
	166	5.500%, 07/24/20		171
	350	5.625%, 09/23/19		370
	175	5.750%, 08/31/12		185
	250	6.000%, 05/13/14		274
	100	6.625%, 04/01/18		113
		Nomura Holdings, Inc., (Japan),
	130	4.125%, 01/19/16		132
	178	6.700%, 03/04/20		198
	45	Northern Trust Corp., 5.500%, 08/15/13		49
		UBS AG, (Switzerland),
	500	3.875%, 01/15/15		528
	100	5.750%, 04/25/18		112
	100	5.875%, 12/20/17		113
				9,314
		Commercial Banks — 3.1%
	100	ANZ National (International) Ltd., (New Zealand), 2.375%, 12/21/12 (e)		102
		Bank of Nova Scotia, (Canada),
	121	1.650%, 10/29/15 (e)		119
	123	3.400%, 01/22/15		130
	136	Bank of Tokyo-Mitsubishi UFJ Ltd., (Japan), 3.850%, 01/22/15 (e)		143
		Barclays Bank plc, (United Kingdom),
	410	2.500%, 01/23/13		419
	200	2.500%, 09/21/15 (e)		200
	100	3.900%, 04/07/15		105
	200	5.200%, 07/10/14		219
	250	6.050%, 12/04/17 (e)		270
		BB&T Corp.,
	150	3.375%, 09/25/13		157
	150	3.850%, 07/27/12		155
	125	3.950%, 04/29/16		132
	100	4.900%, 06/30/17		108
	152	Branch Banking & Trust Co., 4.875%, 01/15/13		160
	1,000	Canadian Imperial Bank of Commerce, (Canada), 2.600%, 07/02/15 (e)		1,032
	55	Comerica, Inc., 3.000%, 09/16/15		56
	100	Credit Suisse AG, (Switzerland), 5.400%, 01/14/20		105
	350	Fifth Third Bancorp, 5.450%, 01/15/17		377
	100	KeyCorp, 6.500%, 05/14/13		109
	300	Manufacturers & Traders Trust Co., 6.625%, 12/04/17		347

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Commercial Banks — Continued
		National Australia Bank Ltd., (Australia),
	200	2.500%, 01/08/13 (e)		204
	300	2.750%, 09/28/15 (e)		301
	100	3.750%, 03/02/15 (e)		105
	100	Nordea Bank AB, (Sweden), 1.750%, 10/04/13 (e)		100
		PNC Funding Corp.,
	133	4.375%, 08/11/20		137
	265	5.125%, 02/08/20		287
	110	5.250%, 11/15/15		120
	115	5.625%, 02/01/17		128
	250	Rabobank Nederland N.V., (Netherlands), 3.200%, 03/11/15 (e)		259
	170	SunTrust Banks, Inc., 5.250%, 11/05/12		179
	235	Toronto-Dominion Bank (The), (Canada), 2.200%, 07/29/15 (e)		239
		U.S. Bancorp,
	150	2.000%, 06/14/13		153
	208	2.875%, 11/20/14		216
	250	Wachovia Bank N.A., 6.000%, 11/15/17		285
		Wachovia Corp.,
	235	4.875%, 02/15/14		253
	850	5.750%, 02/01/18		956
		Wells Fargo & Co.,
	500	3.676%, 06/15/16		519
	415	5.625%, 12/11/17		467
	315	Wells Fargo Bank N.A., 4.750%, 02/09/15		341
	285	Westpac Banking Corp., (Australia), 4.875%, 11/19/19		302
				9,996
		Consumer Finance — 0.6%
	200	American Express Credit Corp., 7.300%, 08/20/13		224
	91	American General Finance Corp., 5.375%, 10/01/12		92
	250	Capital One Bank USA N.A., 8.800%, 07/15/19		321
		Capital One Financial Corp.,
	100	5.700%, 09/15/11		101
	245	6.250%, 11/15/13		271
	100	6.750%, 09/15/17		120
		HSBC Finance Corp.,
	200	5.250%, 01/15/14		217
	202	6.375%, 11/27/12		218
	100	SLM Corp., 5.375%, 01/15/13		105
	154	Toyota Motor Credit Corp., 3.200%, 06/17/15		160
	100	Volkswagen International Finance N.V., (Netherlands), 1.625%, 08/12/13 (e)		101
				1,930
		Diversified Financial Services — 2.3%
	250	Associates Corp. of North America, 6.950%, 11/01/18		285
	300	BA Covered Bond Issuer, 5.500%, 06/14/12 (e)		313
		Bank of America Corp.,
	80	5.625%, 07/01/20		84
	300	5.650%, 05/01/18		321
	170	5.750%, 12/01/17		184
	100	6.500%, 08/01/16		113
	125	7.375%, 05/15/14		143
	425	Bank of America N.A., 5.300%, 03/15/17		449
		BP Capital Markets plc, (United Kingdom),
	100	3.125%, 03/10/12		102
	100	4.742%, 03/11/21		103
	300	5.250%, 11/07/13		326
		Caterpillar Financial Services Corp.,
	100	5.500%, 03/15/16		115
	150	6.200%, 09/30/13		168
	65	7.050%, 10/01/18		80
	100	7.150%, 02/15/19		125
		Citigroup, Inc.,
	43	4.587%, 12/15/15		46
	125	4.750%, 05/19/15		134
	506	5.000%, 09/15/14		537
	54	5.375%, 08/09/20		57
	700	6.000%, 08/15/17		782
	285	6.010%, 01/15/15		316
	300	6.125%, 11/21/17		338
		CME Group, Inc.,
	200	5.400%, 08/01/13		218
	100	5.750%, 02/15/14		112
	190	ConocoPhillips Canada Funding Co. I, (Canada), 5.625%, 10/15/16		221
	27	ERAC USA Finance LLC, 4.500%, 08/16/21 (e)		27
		General Electric Capital Corp.,
	95	4.375%, 09/16/20		94
	500	5.400%, 02/15/17		555
	300	5.625%, 05/01/18		332
	500	5.650%, 06/09/14		555
	100	Textron Financial Corp., 5.400%, 04/28/13		106
				7,341
		Insurance — 1.2%
		ACE INA Holdings, Inc.,
	45	2.600%, 11/23/15		45
	50	5.600%, 05/15/15		56
	25	Aflac, Inc., 8.500%, 05/15/19		31
		American International Group, Inc.,
	385	4.250%, 05/15/13		399
	350	5.450%, 05/18/17		367
	200	5.600%, 10/18/16		213

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Insurance — Continued
	45	AON Corp., 3.500%, 09/30/15		47
	607	ASIF Global Financing XIX, 4.900%, 01/17/13 (e)		637
	150	Berkshire Hathaway Finance Corp., 5.400%, 05/15/18		168
	90	CNA Financial Corp., 5.875%, 08/15/20		97
	405	Jackson National Life Global Funding, 6.125%, 05/30/12 (e)		426
	100	MassMutual Global Funding II, 2.300%, 09/28/15 (e)		100
		Metropolitan Life Global Funding I,
	222	5.200%, 09/18/13 (e)		242
	100	5.750%, 07/25/11 (e)		101
	50	Monumental Global Funding Ltd., (Cayman Islands), 5.500%, 04/22/13 (e)		53
	121	Nationwide Financial Services, 6.250%, 11/15/11		124
	150	Pacific Life Global Funding, 5.000%, 05/15/17 (e)		158
	200	Pricoa Global Funding I, 5.450%, 06/11/14 (e)		220
	100	Principal Life Income Funding Trusts, 5.300%, 04/24/13		108
	200	Travelers Life & Annunity Global Funding I, 5.125%, 08/15/14 (e)		222
	50	Travelers Property Casualty Corp., 5.000%, 03/15/13		53
				3,867
		Real Estate Investment Trusts (REITs) — 0.3%
		CommonWealth REIT,
	125	5.875%, 09/15/20		132
	150	6.650%, 01/15/18		169
	92	HCP, Inc., 5.375%, 02/01/21		97
		Simon Property Group LP,
	17	4.200%, 02/01/15		18
	40	4.375%, 03/01/21		40
	100	5.625%, 08/15/14		112
	50	5.650%, 02/01/20		56
	40	6.100%, 05/01/16		46
	50	6.125%, 05/30/18		57
	114	WEA Finance LLC/WT Finance Ltd., 6.750%, 09/02/19 (e)		133
				860
		Thrifts & Mortgage Finance — 0.2%
	25	Countrywide Financial Corp., 6.250%, 05/15/16		27
	523	Stadshypotek AB, (Sweden), 1.450%, 09/30/13 (e)		526
				553
		Total Financials		33,861
	Health Care — 0.2%
		Biotechnology — 0.0% (g)
		Amgen, Inc.,
	44	4.500%, 03/15/20		46
	40	5.700%, 02/01/19		46
				92
		Health Care Equipment & Supplies — 0.1%
		Baxter International, Inc.,
	50	4.000%, 03/01/14		54
	50	4.625%, 03/15/15		55
	40	Becton Dickinson and Co., 5.000%, 05/15/19		44
				153
		Health Care Providers & Services — 0.0% (g)
	50	Medco Health Solutions, Inc., 2.750%, 09/15/15		51
		WellPoint, Inc.,
	27	5.875%, 06/15/17		31
	18	7.000%, 02/15/19		22
				104
		Pharmaceuticals — 0.1%
	100	AstraZeneca plc, (United Kingdom), 5.400%, 06/01/14		112
	150	GlaxoSmithKline Capital, Inc., 5.650%, 05/15/18		172
	75	Merck & Co., Inc., 6.000%, 09/15/17		89
				373
		Total Health Care		722
	Industrials — 0.9%
		Aerospace & Defense — 0.0% (g)
	100	Honeywell International, Inc., 5.300%, 03/01/18		114
	34	Systems 2001 AT LLC, (Cayman Islands), MBIA, 7.156%, 12/15/11 (e)		34
				148
		Airlines — 0.0% (g)
	39	Continental Airlines, 1999-2 Class A-1 Pass-Through Trust, 7.256%, 03/15/20		42
	79	Delta Air Lines, 2010-2 Class A Pass-Through Trust, 4.950%, 05/23/19		79
				121
		Building Products — 0.0% (g)
	45	Masco Corp., 5.850%, 03/15/17		46
		Commercial Services & Supplies — 0.2%
	100	Allied Waste North America, Inc., 6.875%, 06/01/17		108
		Pitney Bowes, Inc.,
	125	4.875%, 08/15/14		135
	100	5.000%, 03/15/15		109
	50	5.600%, 03/15/18		54
	60	Waste Management, Inc., 7.375%, 03/11/19		74
				480

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Industrial Conglomerates — 0.1%
	100	Siemens Financieringsmaatschappij N.V., (Netherlands), 5.750%, 10/17/16 (e)		115
	50	Tyco International Finance S.A., (Luxembourg), 8.500%, 01/15/19		64
				179
		Machinery — 0.0% (g)
	50	Eaton Corp., 5.600%, 05/15/18		57
	25	PACCAR, Inc., 6.375%, 02/15/12		26
	25	Parker Hannifin Corp., 5.500%, 05/15/18		29
				112
		Road & Rail — 0.6%
		Burlington Northern Santa Fe LLC,
	19	3.600%, 09/01/20		19
	100	5.650%, 05/01/17		114
	100	7.000%, 02/01/14		114
		CSX Corp.,
	30	6.250%, 04/01/15		34
	30	7.375%, 02/01/19		37
	655	Federal Express Corp. 1998 Pass Through Trust, 6.720%, 01/15/22		738
	50	Norfolk Southern Corp., 7.700%, 05/15/17		63
	55	Ryder System, Inc., 3.600%, 03/01/16		57
		Union Pacific Corp.,
	100	4.875%, 01/15/15		110
	100	5.650%, 05/01/17		115
	250	5.700%, 08/15/18		287
	115	United Parcel Service of America, Inc., 8.375%, 04/01/20		157
				1,845
		Total Industrials		2,931
	Information Technology — 0.7%
		Computers & Peripherals — 0.4%
	256	Dell, Inc., 3.100%, 04/01/16		262
		Hewlett-Packard Co.,
	325	5.400%, 03/01/17		371
	200	6.125%, 03/01/14		225
		International Business Machines Corp.,
	150	5.700%, 09/14/17		175
	200	7.625%, 10/15/18		256
				1,289
		Electronic Equipment, Instruments & Components — 0.1%
		Arrow Electronics, Inc.,
	25	3.375%, 11/01/15		25
	150	6.875%, 07/01/13		164
				189
		Office Electronics — 0.0% (g)
		Xerox Corp.,
	50	5.625%, 12/15/19		55
	40	6.750%, 02/01/17		47
				102
		Software — 0.2%
	25	Intuit, Inc., 5.750%, 03/15/17		29
	120	Microsoft Corp., 1.625%, 09/25/15		119
		Oracle Corp.,
	200	5.250%, 01/15/16		227
	100	5.750%, 04/15/18		115
				490
		Total Information Technology		2,070
	Materials — 0.4%
		Chemicals — 0.3%
	100	Air Products & Chemicals, Inc., 4.150%, 02/01/13		105
		Dow Chemical Co. (The),
	38	4.250%, 11/15/20		38
	40	8.550%, 05/15/19		52
		El du Pont de Nemours & Co.,
	101	1.950%, 01/15/16		100
	50	4.125%, 03/06/13		53
	100	6.000%, 07/15/18		116
	100	Potash Corp. of Saskatchewan, Inc., (Canada), 4.875%, 03/01/13		107
	230	Praxair, Inc., 4.625%, 03/30/15		254
				825
		Metals & Mining — 0.1%
		BHP Billiton Finance USA Ltd., (Australia),
	100	5.400%, 03/29/17		115
	100	6.500%, 04/01/19		121
		Rio Tinto Finance USA Ltd., (Australia),
	27	3.500%, 11/02/20		26
	50	8.950%, 05/01/14		60
				322
		Total Materials		1,147
	Telecommunication Services — 1.0%
		Diversified Telecommunication Services — 0.9%
		AT&T, Inc.,
	135	5.100%, 09/15/14		150
	150	5.500%, 02/01/18		167
	15	BellSouth Corp., 5.200%, 09/15/14		17
	122	BellSouth Telecommunications, Inc., 6.300%, 12/15/15		130
	100	British Telecommunications plc, (United Kingdom), 5.950%, 01/15/18		112
	500	GTE Corp., 6.840%, 04/15/18		589
		Telecom Italia Capital S.A., (Luxembourg),
	420	4.950%, 09/30/14		445
	225	5.250%, 11/15/13		239
		Telefonica Emisiones S.A.U., (Spain),

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Diversified Telecommunication Services — Continued
	275	5.855%, 02/04/13		294
	30	5.877%, 07/15/19		32
	109	TELUS Corp., (Canada), 8.000%, 06/01/11		109
	100	Verizon Communications, Inc., 5.500%, 02/15/18		112
	202	Verizon Florida LLC, 6.125%, 01/15/13		218
	250	Verizon Maryland, Inc., 7.150%, 05/01/23		269
	100	Verizon New England, Inc., 4.750%, 10/01/13		107
				2,990
		Wireless Telecommunication Services — 0.1%
	150	Cellco Partnership/Verizon Wireless Capital LLC, 5.550%, 02/01/14		166
	40	Crown Castle Towers LLC, 3.214%, 08/15/15 (e)		40
	125	Vodafone Group plc, (United Kingdom), 5.000%, 09/15/15		138
				344
		Total Telecommunication Services		3,334
	Utilities — 1.6%
		Electric Utilities — 1.1%
		Carolina Power & Light Co.,
	233	5.125%, 09/15/13		254
	150	5.300%, 01/15/19		169
	100	CenterPoint Energy Houston Electric LLC, 5.750%, 01/15/14		111
	50	Cleveland Electric Illuminating Co. (The), 7.880%, 11/01/17		62
	25	Columbus Southern Power Co., 6.050%, 05/01/18		29
	30	Connecticut Light & Power Co. (The), 5.650%, 05/01/18		34
		Duke Energy Carolinas LLC,
	200	5.625%, 11/30/12		214
	205	6.250%, 01/15/12		212
	60	Duke Energy Indiana, Inc., 3.750%, 07/15/20		60
	100	Enel Finance International N.V., (Luxembourg), 5.125%, 10/07/19 (e)		104
	72	Exelon Generation Co. LLC, 4.000%, 10/01/20		69
	40	Georgia Power Co., 6.000%, 11/01/13		45
	135	Indiana Michigan Power Co., 7.000%, 03/15/19		162
	25	Jersey Central Power & Light Co., 7.350%, 02/01/19		31
	22	Kiowa Power Partners LLC, 4.811%, 12/30/13 (e)		23
	60	Nevada Power Co., 7.125%, 03/15/19		73
	150	NextEra Energy Capital Holdings, Inc., 7.875%, 12/15/15		181
	40	Niagara Mohawk Power Corp., 4.881%, 08/15/19 (e)		43
		Oncor Electric Delivery Co. LLC,
	25	5.950%, 09/01/13		28
	50	6.800%, 09/01/18		59
	125	Pacific Gas & Electric Co., 5.625%, 11/30/17		142
	60	PacifiCorp, 5.650%, 07/15/18		69
	75	Peco Energy Co., 5.350%, 03/01/18		84
	51	Public Service Co. of Colorado, 3.200%, 11/15/20		49
	74	Public Service Co. of Oklahoma, 4.400%, 02/01/21		75
	200	Public Service Electric & Gas Co., 6.330%, 11/01/13		223
	40	Southern Co., 4.150%, 05/15/14		43
	30	Southwestern Public Service Co., 8.750%, 12/01/18		39
		Spectra Energy Capital LLC,
	100	5.500%, 03/01/14		110
	30	5.668%, 08/15/14		33
	140	6.200%, 04/15/18		160
	50	8.000%, 10/01/19		62
		Virginia Electric and Power Co.,
	210	5.100%, 11/30/12		223
	100	5.400%, 04/30/18		113
				3,388
		Gas Utilities — 0.2%
	50	AGL Capital Corp., 4.450%, 04/15/13		53
		Atmos Energy Corp.,
	100	5.125%, 01/15/13		106
	30	8.500%, 03/15/19		38
	50	CenterPoint Energy Resources Corp., 6.125%, 11/01/17		58
		TransCanada PipeLines Ltd., (Canada),
	100	4.000%, 06/15/13		106
	100	6.500%, 08/15/18		119
	30	7.125%, 01/15/19		37
				517
		Multi-Utilities — 0.2%
		Dominion Resources, Inc.,
	195	6.250%, 06/30/12		206
	150	8.875%, 01/15/19		196
	100	KCP&L Greater Missouri Operations Co., 11.875%, 07/01/12		111
	50	PG&E Corp., 5.750%, 04/01/14		55
	80	Sempra Energy, 8.900%, 11/15/13		93
		Wisconsin Electric Power Co.,
	30	6.000%, 04/01/14		34

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Corporate Bonds — Continued
		Multi-Utilities — Continued
	100	6.250%, 12/01/15		118
				813
		Water Utilities — 0.1%
	200	American Water Capital Corp., 6.085%, 10/15/17		231
		Total Utilities		4,949
		Total Corporate Bonds (Cost $53,789)		56,885
	Foreign Government Securities — 0.2%
	100	Province of Manitoba, (Canada), 2.125%, 04/22/13		103
		Province of Ontario, (Canada),
	250	2.700%, 06/16/15		260
	300	2.950%, 02/05/15		316
		Total Foreign Government Securities (Cost $650)		679
	Mortgage Pass-Through Securities — 8.7%
		Federal Home Loan Mortgage Corp.,
	55	ARM, 2.320%, 01/01/27		57
	654	ARM, 2.603%, 12/01/34		687
	16	ARM, 2.625%, 07/01/26		16
	207	ARM, 3.268%, 01/01/37		217
	294	ARM, 3.854%, 09/01/36		309
	286	ARM, 5.605%, 04/01/38		303
	171	ARM, 5.980%, 09/01/36		180
	208	ARM, 6.013%, 02/01/37		221
	512	ARM, 6.015%, 06/01/36		556
	332	ARM, 6.219%, 03/01/37		349
	305	ARM, 6.688%, 11/01/36		328
	420	ARM, 6.707%, 08/01/36		437
		Federal Home Loan Mortgage Corp. Gold Pools, 15 Year, Single Family,
	515	4.000%, 06/01/14 - 06/01/19		542
	86	4.500%, 10/01/18		92
	21	5.500%, 06/01/17		22
	433	6.000%, 10/01/17 - 04/01/18		472
	906	6.500%, 01/01/17 - 03/01/22		997
	92	7.000%, 09/01/12 - 01/01/17		95
	1	7.500%, 07/01/11 - 10/01/14		1
		Federal Home Loan Mortgage Corp. Gold Pools, 20 Year, Single Family,
	24	6.000%, 12/01/22		27
	128	6.500%, 12/01/13 - 08/01/26		145
		Federal Home Loan Mortgage Corp. Gold Pools, 30 Year, Single Family,
	141	6.000%, 01/01/34		158
	224	7.000%, 04/01/22 - 02/01/37		257
	11	7.500%, 08/01/25		12
	13	8.000%, 07/01/20 - 11/01/24		15
	36	8.500%, 07/01/28		43
	698	Federal Home Loan Mortgage Corp. Gold Pools, FHA/VA, 10.000%, 10/01/30		830
		Federal Home Loan Mortgage Corp., 30 Year, Single Family,
	4	12.000%, 08/01/15 - 07/01/19		4
		Federal National Mortgage Association,
	237	ARM, 2.021%, 01/01/35		250
	287	ARM, 2.035%, 09/01/35		301
	339	ARM, 2.042%, 02/01/35		355
	8	ARM, 2.055%, 03/01/19		9
	319	ARM, 2.195%, 01/01/35		330
	257	ARM, 2.322%, 02/01/35		269
	193	ARM, 2.430%, 08/01/35		201
	174	ARM, 2.452%, 11/01/33		182
	197	ARM, 2.541%, 04/01/33		206
	303	ARM, 2.649%, 09/01/35		319
	387	ARM, 2.787%, 09/01/34		407
	2	ARM, 2.797%, 08/01/19		3
	254	ARM, 2.924%, 04/01/35		266
	354	ARM, 2.969%, 02/01/36		370
	268	ARM, 3.034%, 08/01/34		281
	332	ARM, 3.060%, 09/01/33		348
	4	ARM, 3.098%, 06/01/26		4
	24	ARM, 3.258%, 09/01/27		24
	24	ARM, 3.960%, 03/01/29		24
	215	ARM, 4.325%, 07/01/46		227
	298	ARM, 4.998%, 10/01/34		311
	285	ARM, 5.758%, 02/01/37		302
	119	ARM, 6.034%, 08/01/36		127
	193	ARM, 6.204%, 09/01/36		207
	116	ARM, 6.304%, 02/01/37		122
		Federal National Mortgage Association, 15 Year, Single Family,
	557	4.000%, 09/01/18 - 05/01/19		590
	1,720	4.500%, 05/01/18 - 05/01/19		1,843
	937	5.000%, 12/01/16 - 04/01/19		1,015
	649	5.500%, 01/01/20 - 06/01/20		705
	862	6.000%, 03/01/21 - 01/01/24		944
	185	6.500%, 05/01/13 - 08/01/20		202
	13	7.500%, 10/01/12		13
	4	8.000%, 11/01/12		4
		Federal National Mortgage Association, 20 Year, Single Family,
	192	6.000%, 04/01/24		212
	255	6.500%, 05/01/22		288
		Federal National Mortgage Association, 30 Year, FHA/VA,
	22	6.000%, 09/01/33		25
	43	6.500%, 03/01/29		49
	28	8.500%, 08/01/27 - 02/01/30		33
	20	9.000%, 09/01/19 - 12/01/30		24
	10	9.500%, 12/01/18		12

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
	Mortgage Pass-Through Securities — Continued
		Federal National Mortgage Association, 30 Year, Single Family,
	229	4.500%, 08/01/33		240
	1,397	5.000%, 07/01/33 - 11/01/33		1,497
	1,041	5.500%, 09/01/33 - 12/01/33		1,140
	1,001	6.000%, 12/01/32 - 09/01/36		1,109
	79	6.500%, 08/01/31		91
	20	7.000%, 07/01/25 - 08/01/32		23
	25	7.500%, 11/01/22 - 05/01/25		28
	767	8.000%, 03/01/21 - 11/01/32		888
	12	8.500%, 07/01/24 - 06/01/25		15
	1	9.000%, 04/01/26		1
	5	10.000%, 02/01/24		6
	4	12.500%, 01/01/16		4
		Federal National Mortgage Association, Other,
	532	5.500%, 04/01/38		573
	584	6.000%, 03/01/37		637
		Government National Mortgage Association II, 30 Year, Single Family,
	76	6.000%, 03/20/28		84
	18	7.500%, 02/20/28 - 09/20/28		21
	50	8.000%, 12/20/25 - 10/20/28		59
	30	8.500%, 03/20/25 - 05/20/25		36
		Government National Mortgage Association, 15 Year, Single Family,
	47	6.000%, 10/15/17		51
	1	7.500%, 02/15/12 - 03/15/12		1
	31	8.000%, 01/15/16		33
		Government National Mortgage Association, 30 Year, Single Family,
	711	6.000%, 11/15/28 - 12/15/38		804
	523	6.500%, 01/15/24 - 12/15/35		590
	513	7.000%, 08/15/23 - 06/15/35		588
	35	7.500%, 11/15/22 - 09/15/28		41
	14	8.000%, 05/15/22 - 08/15/28		16
	9	8.500%, 11/15/17		10
	17	9.000%, 08/15/16 - 11/15/24		20
	327	9.500%, 01/15/17 - 12/15/25		388
	9	12.000%, 11/15/19		10
		Total Mortgage Pass-Through Securities (Cost $26,256)		27,780
	Supranational — 0.0% (g)
	40	Corp. Andina de Fomento, 5.200%, 05/21/13 (Cost $40)		43
	U.S. Government Agency Securities — 1.9%
	500	Federal Farm Credit Bank, 5.125%, 11/15/18		576
		Federal National Mortgage Association,
	1,300	Zero Coupon, 07/05/14		1,246
	1,000	Zero Coupon, 06/01/17		856
	800	5.000%, 05/11/17		921
	500	Federal National Mortgage Association Interest Strip, Zero Coupon, 11/15/21		330
		Financing Corp. Fico,
	500	Zero Coupon, 04/05/19		393
	300	Zero Coupon, 09/26/19		229
	1,000	Tennessee Valley Authority,
		5.500%, 07/18/17		1,175
	333	Tennessee Valley Authority STRIP, Zero Coupon, 05/01/19		255
		Total U.S. Government Agency Securities (Cost $5,820)		5,981
	U.S. Treasury Obligations — 20.3%
		U.S. Treasury Bonds,
	1,225	7.500%, 11/15/16		1,588
	320	8.500%, 02/15/20		464
	3,000	8.875%, 08/15/17		4,197
	529	8.875%, 02/15/19		768
		U.S. Treasury Notes,
	1,500	2.125%, 12/31/15		1,542
	1,755	2.750%, 05/31/17		1,825
	3,000	2.750%, 12/31/17		3,094
	1,000	3.125%, 04/30/17		1,062
	500	3.250%, 12/31/16		536
	500	3.250%, 03/31/17		535
	1,950	4.750%, 08/15/17		2,254
		U.S. Treasury Principal STRIPS,
	202	11/15/13		199
	800	02/15/14 (m)		785
	9,566	05/15/14 (m)		9,334
	1,500	08/15/14 (m)		1,456
	3,518	11/15/14 (m)		3,394
	3,325	02/15/15		3,185
	32	08/15/15		30
	4,952	11/15/15 (m)		4,632
	5,766	02/15/16 (m)		5,339
	1,072	05/15/16		983
	2,005	08/15/16		1,820
	300	11/15/16		270
	700	11/15/16		629
	932	02/15/17		828
	946	08/15/17		823
	1,960	11/15/17		1,686
	200	02/15/18		170
	495	05/15/19		397
	4,350	08/15/19		3,441
	2,000	02/15/20		1,537
	150	05/15/20		114
	4,920	05/15/20		3,724
	1,200	08/15/20		896
	100	08/15/21		71
	1,350	11/15/21		941

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

PRINCIPAL AMOUNT ($)		SECURITY DESCRIPTION	VALUE ($)
U.S. Treasury Obligations — Continued
		Total U.S. Treasury Obligations (Cost $61,486)		64,549
SHARES
	Short-Term Investment — 1.9%
	Investment Company — 1.9%
	6,145	JPMorgan Liquid Assets Money Market Fund, Institutional Class Shares, 0.090% (b) (l) (Cost $6,145)		6,145
		Total Investments — 87.2% (Cost $264,159)		278,081
		Other Assets in Excess of Liabilities — 12.8%		40,842
		NET ASSETS — 100.0%	$	318,923

Percentages indicated are based on net assets.

NOTES TO SCHEDULE OF PORTFOLIO INVESTMENTS :

ARM	—	Adjustable Rate Mortgage. The interest rate shown is the rate in effect as of May 31, 2011.
CMO	—	Collateralized Mortgage Obligation
ESOP	—	Employee Stock Ownership Program
FHA	—	Federal Housing Administration
GMAC	—	General Motors Acceptance Corp.
HB	—	High Coupon Bonds (a.k.a. “IOettes”) represent the right to receive interest payments on an underlying pool of mortgages with similar features as those associated with IO securities. Unlike IO’s the owner also has a right to receive a very small portion of principal. The high interest rates result from taking interest payments from other classes in the Real Estate Mortgage Investment Conduit trust and allocating them to the small principal of the HB class.
IF	—	Inverse Floaters represent securities that pay interest at a rate that increases (decreases) with a decline (incline) in a specified index. The interest rate shown is the rate in effect as of May 31, 2011. The rate may be subject to a cap and floor.
IO	—	Interest Only represents the right to receive the monthly interest payments on an underlying pool of mortgage loans. The principal amount shown represents the par value on the underlying pool. The yields on these securities are subject to accelerated principal paydowns as a result of prepayment or refinancing of the underlying pool of mortgage instruments. As a result, interest income may be reduced considerably.
MBIA	—	Insured by Municipal Bond Insurance Corp.
PO	—	Principal Only represents the right to receive the principal portion only on an underlying pool of mortgage loans. The market value of these securities is extremely volatile in response to changes in market interest rates. As prepayments on the underlying mortgages of these securities increase, the yield on these securities increases.
REMICS	—	Real Estate Mortgage Investment Conduits
STRIPS	—	Separate Trading of Registered Interest and Principal of Securities. The STRIPS Program lets investors hold and trade individual interest and principal components of eligible notes and bonds as separate securities.
SUB	—	Step-Up Bond. The interest rate shown is the rate in effect as of May 31, 2011.
VA	—	Veterans Administration
VAR	—	Variable Rate Security. The interest rate shown is the rate in effect as of May 31, 2011.

(b) Investment in affiliate. Money market fund registered under the Investment Company Act of 1940, as amended, and advised by J.P. Morgan Investment Management Inc.

(d) Defaulted Security.

(e) Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. Unless otherwise indicated, this security has been determined to be liquid under procedures established by the Board of Trustees and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(f) Security is fair valued in accordance with procedures established by and under the supervision and responsibility of the Board of Trustees. The following approximates the value and percentage of these investments based on total investments (amounts in thousands):

Fund	Value		Percentage
Intermediate Bond Trust	$	245		0.09	%

(g) Amount rounds to less than 0.1%.

(h) Amount rounds to less than one thousand (shares or dollars).

(i) Security has been deemed illiquid pursuant to procedures approved by the Board of Trustees and may be difficult to sell.

(l) The rate shown is the current yield as of May 31, 2011.

(m) All or a portion of this security is reserved and/or pledged with the custodian for current or potential holdings of futures, swaps, options, TBAs, when-issued securities, delayed delivery securities, reverse repurchase agreements, and forward foreign currency contracts.

As of May 31, 2011, the gross unrealized appreciation (depreciation) of investments based on the aggregate cost of investments for federal income tax purposes was as follows:

Aggregate gross unrealized appreciation	$	17,563
Aggregate gross unrealized depreciation		(3,641	)
Net unrealized appreciation/depreciation	$	13,922
Federal income tax cost of investments	$	264,159

JPMorgan Intermediate Bond Trust

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF MAY 31, 2011 (Unaudited) (continued)

(Amounts in thousands)

The various inputs that are used in determining the fair value of the Fund’s investments are summarized into the three broad levels listed below.

• Level 1 – quoted prices in active markets for identical securities

• Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input both individually and in aggregate that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following table represents each valuation input by sector as presented on the Schedule of Portfolio Investments (“SOI”) (amounts in thousands):

	Level 1 Quoted prices		Level 2 Other significant observable inputs		Level 3 Significant unobservable inputs		Total
Investments in Securities
Debt Securities
Asset-Backed Securities	$	—	$	7,480	$	245	$	7,725
Collateralized Mortgage
Obligations		—		103,554		—		103,554
Commercial Mortgage-Backed
Securities		—		4,740		—		4,740
Corporate Bonds
Consumer Discretionary		—		3,278		—		3,278
Consumer Staples		—		2,305		—		2,305
Energy		—		2,288		—		2,288
Financials		—		33,861		—		33,861
Health Care		—		722		—		722
Industrials		—		2,931		—		2,931
Information Technology		—		2,070		—		2,070
Materials		—		1,147		—		1,147
Telecommunication Services		—		3,334		—		3,334
Utilities		—		4,949		—		4,949
Total Corporate Bonds		—		56,885		—		56,885
Foreign Government Securities		—		679		—		679
Mortgage Pass-Through Securities		—		27,780		—		27,780
Supranational		—		43		—		43
U.S. Government Agency Securities		—		5,981		—		5,981
U.S. Treasury Obligations		—		64,549		—		64,549
Short-Term Investments
Investment Companies		6,145		—		—		6,145
Total Investments in Securities	$	6,145	$	271,691	$	245	$	278,081

There were no transfers between Levels 1 and 2 during the period ended May 31, 2011.

The following is a summary of investments for which significant unobservable inputs (Level 3) were used in determining fair value (amounts in thousands):

	Balance as of  02/28/11		Realized gain  (loss)			Change in unrealized appreciation (depreciation)		Net  amortization (accretion)			Purchases1		Sales2			Transfers into Level  3		Transfers out of Level  3			Balance as of 05/31/11
Investments in Securities
Asset-Backed Securities	$	—	$	—		$	—	$	—		$	249	$	(4	)	$	—	$	—		$	245
Collateralized Mortgage Obligations	$	1,504	$	(176	)	$	138	$	(1	)	$	—	$	(87	)	$	—	$	(1,378	)	$	—
Total	$	1,504	$	(176	)	$	138	$	(1	)	$	249	$	(91	)	$	—	$	—		$	245

1 Purchases include all purchases of securities and securities received in corporate actions.

2 Sales include all sales of securities, maturities, paydowns and securities tendered in a corporate action.

The change in unrealized appreciation (depreciation) attributable to securities owned at May 31, 2011, which were valued using significant unobservable inputs (Level 3) amounted to zero.

ITEM 2. CONTROLS AND PROCEDURES.

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-Q is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal controls over financial reporting.

ITEM 3. EXHIBITS.

CERTIFICATIONS PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF 1940 ARE ATTACHED HERETO.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Institutional Trust

By:	/s/	Patricia A. Maleski
	Patricia A. Maleski
	President and Principal Executive Officer
	July 29, 2011

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/	Patricia A. Maleski
	Patricia A. Maleski
	President and Principal Executive Officer
	July 29, 2011

By:	/s/	Joy C. Dowd
	Joy C. Dowd
	Treasurer and Principal Financial Officer
	July 29, 2011